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Binance’s $1B SAFU Fund Remained Inactive After Move to USDC Wallet

On-chain data reveals Binance’s emergency protection fund shifted to a new wallet in 2023, with no further transactions since.

USDC

Summary

Binance’s Secure Asset Fund for Users (SAFU), valued at $1 billion, was transferred from its original address to a new wallet holding USD Coin (USDC) on Jan. 30, 2023. On-chain records show no activity since the move. SAFU, created in 2018 to safeguard user assets during emergencies, has historically been used to compensate users following significant hacks and security breaches.

Terms & Concepts
  • SAFU (Secure Asset Fund for Users): A Binance emergency insurance fund, created in 2018 to protect user assets during unforeseen events such as hacks or system failures.
  • USDC (USD Coin): A stablecoin pegged to the U.S. dollar, designed for low-volatility transactions and often used for holding or transferring value digitally.
  • On-chain data: Information recorded directly on a blockchain network, reflecting actual wallet transactions and asset movements.