ChainCatcher message, Binance posted on X that the platform is currently addressing the withdrawal issue of USDC on Solana and is working closely with the technical team to resolve it as soon as possible. Binance will soon provide an estimated resolution time and stated that user funds are secure.

ChainCatcher message, Binance posted on X that it will change its SAFU address, and during this update, a large amount of USDC (ETH) will be transferred.

According to ChainCatcher news, monitored by Spot On Chain, after Binance announced the conversion of its Secure Asset Fund for Users (SAFU) assets into USDC to enhance stability, a total of 16,277 BTC (approximately $1 billion) and 1.36 million BNB (approximately $749 million) have been transferred out from 2 SAFU wallets and deposited back into the CEX hot wallet.Currently, the balance of the 2 SAFU wallets remains at 1 billion USDC.

ChainCatcher news, Binance stated that the Secure Asset Fund for Users (SAFU) is an emergency insurance fund established in 2018, aimed at protecting Binance users in extreme situations, which is also one of the key distinctions between Binance and other exchanges. Over the years, Binance has been monitoring the scale of SAFU, maintaining a balance of funds to adequately protect users. Although it has fluctuated, it generally remains at the level of $1 billion.It is reported that SAFU remains a core part of Binance's responsibility to the ecosystem, and Binance is continuously evolving to respond to market conditions. Now, Binance has converted 100% of SAFU's assets into USDC. Utilizing a trusted, audited, and transparent stablecoin to manage SAFU further enhances its reliability and ensures it remains at a stable level of $1 billion.

ChainCatcher news, on-chain analyst Willy Woo disclosed on social media that on-chain data shows that Binance's SAFU insurance fund reserves consist of BNB, accounting for 44%, approximately $367 million; additionally, Binance's USD stablecoin BUSD accounts for 32%, approximately $300 million, while Bitcoin has the lowest share at 24%, approximately $270 million. Willy Woo stated that these balances can be verified through public blockchain data on Binance's Bitcoin and BSC chain addresses, and he also mentioned that the high proportion of BNB is "concerning." (source link)

ChainCatcher news, Binance founder Zhao Changpeng tweeted, "To adapt to recent price fluctuations, Binance has replenished the User Security Asset Fund (SAFU) to an equivalent of $1 billion, with approximately $700 million in BUSD and BNB addresses, and about $300 million in BTC addresses.It is reported that the User Security Asset Fund (SAFU) was established by Binance in July 2018 as an emergency insurance fund to protect user funds. At the time of its establishment, Binance committed a certain percentage of trading fees to grow it to a substantial level to protect users. (source link)