Binance tapped its insurance fund after the hack. What’s left?

Binance has drawn on a reserve used to absorb losses from bankrupt futures positions as it replaces stolen cryptocurrency. The exchange says it moved only excess funds, while published balances give traders a partial view of the protection that remains. Summary Binance named 3 funding sources for replacing stolen assets, including its futures insurance fund. Swolecharts listed approximately $1.85 billion across Binance’s tracked futures insurance funds at 09:00 UTC on November 1. The tracker listed 649.67 million USDT and 199.98 million USDC in the shared BTCUSDT pool. Binance says a 99.9% confidence level in fund sizing does not guarantee that auto-deleveraging will be avoided. Bitcoin withdrawals resumed on November 1 as Binance reported replenishing 95% of affected assets. Binance has used part of its futures insurance fund to help replace assets stolen in its $6.3 billion hack, drawing on a reserve normally used to absorb losses from bankrupt trading positions. Binance’s October 31 recovery update names the fund alongside its Secure Asset Fund for Users, known as SAFU, and corporate treasury money. The exchange says the money released from the futures fund was above its require...