Data: Binance's current $1 billion SAFU funding was ready a year ago

Comparative news, according to on-chain data, historical announcements, and tweets, Binance's current $1 billion SAFU fund funds were transferred from the old SAFU address to the new SAFU wallet address (0x420) mentioned in the announcement a year ago, all of which are USDC, and there has been no action yet.

According to the official announcement, Binance announced in January 2022 (early to mid-term of the previous bear market) that its SAFU fund address holdings reached $1 billion, with BNB, BTC, USDT, and TUSD at the time. As the market declined further, Binance announced on November 9, 2022 (bottom of the previous bear market) that the market decline reduced the value of its SAFU fund holdings to US$735 million, and that it would increase its assets once again to return the fund size to US$1 billion (BUSD and BNB US$700 million, BTC US$300 million). Since then, the market has gradually picked up, and Binance announced in April 2024 that all funds in the SAFU fund will be converted to USDC to maintain stability.

According to reports, the SAFU Fund was initially established in July 2018 to protect user assets in extreme situations (such as hacking attacks, security breaches, or other incidents). The fund is mainly used to compensate affected users for losses rather than daily operations. It was used to fully reimburse affected users in the May 2019 hacking incident (7,000 BTC) and the December 2020 unlimited release attack (10.1 million U).