Binance expects to partially deploy SAFU fund within 24 hours after $6.3 billion breach

The exchange says company funds already cover most losses, with SAFU set to fill the remaining gap before withdrawals resume Binance expects to partially deploy its Secure Asset Fund for Users, better known as SAFU, within the next 24 hours. The move follows a security breach that drained approximately $6.3 billion in crypto from the exchange’s hot wallets. The announcement came on October 31, 2026. The breach itself occurred two days earlier, on October 29, and involved unauthorized withdrawals from the exchange’s internet-connected wallets. How Binance plans to cover the hole The headline number is large, but Binance says it is not starting from zero. The exchange has reserved over $6.34 billion in company funds to address the losses. Of that amount, $5 billion is held in the specific tokens affected by the incident. That detail matters more than it might seem. When an exchange loses Bitcoin, it owes users Bitcoin, not a dollar-equivalent IOU. Holding the exact assets that were stolen means Binance can restore balances without scrambling to buy everything at once. According to the exchange, those reserved funds allow for about 90% coverage of the losses. The partial SAFU deployme...