Binance paired the SAFU fund decision with broader messaging on transparency and cooperation. The exchange cited proof-of-reserves showing approximately $162.8 billion in fully backed user assets across 45 crypto assets.
In addition, Binance reported operational metrics tied to user protection and risk controls. The letter said the exchange completed 38,648 incorrect deposit recoveries totaling $48 million, with cumulative recoveries exceeding $1.09 billion.
Binance also said risk controls supported 5.4 million users and helped prevent about $6.69 billion in scam-related losses. The letter added that cooperation with global law enforcement led to $131 million in illicit funds confiscated.
Meanwhile, the announcement landed amid renewed debate around exchange trust and market structure. Cathie Wood attributed recent market weakness to a Binance-related deleveraging event during a television appearance.
That criticism intensified after references to an October 10 crash and large liquidation headlines. The text says the event involved about $19 billion in forced liquidations, while later estimates placed real trader losses between $950 million and $2.85 billion, citing Sam Seo.
The same account says Binance provided $283 million in compensation to affected users and described the episode as extreme market conditions. It also says some critics focused on technical issues that limited order .
Community commentary also included responses from competitors. Star Xu posted that the incident caused lasting industry damage, while avoiding a direct name reference.
Binance executives addressed public remarks as well. The account says co-founder He Yi responded to Wood’s comment and later deleted the message. The report also says founder “twisted FUD” and described Binance as a net hoarder.
Bitcoin traded at $83,909.61 at the time of the provided market snapshot, up 1.27% over 24 hours. Consequently, the SAFU bitcoin conversion will unfold while traders watch BTC’s price path and the $800 million replenishment trigger.
Over the next 30 days, Binance said it will complete the conversion and publish audits along the way. Still, the exchange’s stated rebalancing rule and proof-of-reserves disclosures will likely remain central to how users assess crypto exchange security and custody risk.
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