Update
Binance Faces Outflows, Claims User Funds Safe
Binance, the world's largest cryptocurrency exchange, has reported $5.8 billion in outflows from hot wallets. However, the company assures users that user funds are safe, citing total reserves of approximately $165 billion. The exchange has also frozen $1.567 billion in USDT and $823 million in USDC, and has activated its SAFU fund and reserves to cover potential losses. The official statement from Binance confirms that user funds are completely safe and that withdrawals have been temporarily paused for security checks. The exchange's monthly Proof of Reserves exceeds 100%, and it has a real SAFU fund ready to use, unlike FTX which was previously reported as insolvent.