Binance holds 15,000 BTC (~$1B) in SAFU user protection fund amid hack rumors
- —SAFU was set up in July 2018 from a share of trading fees
- —In February Binance converted ~$1 billion of SAFU reserves into 15,000 BTC
- —The fund is replenished if its value drops below $800 million
- —Compensation is decided on internal criteria; claims must be filed within 90 days
Why it matters: SAFU is Binance's main buffer for customer losses, and its size sets the scale of any potential payouts if an incident is confirmed.
Source: Blockmedia