The key facts
- Binance will allocate half of the SAFU fund to cover losses from the hack, with the other half remaining in reserve
- The exchange has already restored backing for 90% of the stolen assets
- The FBI and the US Secret Service have joined the investigation into the attack, with preliminary damage estimated at $6.3 billion
Binance to tap its reserve fund
Cryptocurrency exchange Binance will allocate half of the funds in its SAFU reserve fund to cover losses from a large-scale hacker attack, while the remaining 50% will stay in the fund in case of new emergencies. This was announced by the company's co-founder Yi He on the social network X: “We are allocating 50% of the funds from the Binance SAFU fund address to cover these losses, and we are keeping the other half in the fund.”
Asset recovery and investigation
According to Yi He, using the reserves will speed up the return of the stolen assets. In addition to the SAFU fund, the exchange will deploy its own corporate funds and part of the futures insurance fund to fully compensate for the consequences of the hack. As of now, Binance has restored backing for 90% of the stolen assets; reserves in Bitcoin, Ethereum, Solana, XRP and several other major cryptocurrencies have been fully replenished. The remaining 10% consists mostly of less liquid tokens, whose purchase requires additional time.
US law enforcement is searching for the stolen funds
Earlier, the Federal Bureau of Investigation and the US Secret Service joined the investigation into the attack: law enforcement, together with private companies, are trying to trace and recover the stolen assets. Preliminary damage is estimated at $6.3 billion. Thus, the decision to tap the SAFU fund was made in parallel with the recovery effort: the exchange is compensating losses from its own reserves without waiting for the investigation to conclude.
