The user protection fund is now below Binance's internally mandated $800 million replenishment threshold, but the exchange has not yet stated when it will top up the funds.

Binance has already tapped half of the Bitcoin in the emergency fund it set up to protect users, but it has not yet said when it will restore the funds.

According to blockchain data platform mempool.space, as of Tuesday, the Bitcoin held in Binance's publicly disclosed Secure Asset Fund for Users (SAFU) wallet address (1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD) was only slightly above 7,500 coins following four transactions on October 31.

In February of this year, Binance completed the conversion of the approximately $1 billion SAFU fund from stablecoins to Bitcoin, at which time the wallet held 15,000 Bitcoins. At roughly $77,000 per Bitcoin, the remaining Bitcoin is currently worth about $580 million.

Binance stated in its SAFU FAQ that if the fund's value falls below $800 million due to "Bitcoin price volatility," the exchange will adjust the fund to restore it to $1 billion. However, this provision does not cover the scenario where the fund's assets are actually used.

On October 31, Binance said it would partially draw down the SAFU fund as part of the funds it arranged to address a total of $6.34 billion in hack-related losses. In addition, Binance will also use corporate funds and a portion of its futures insurance fund, and has committed to restoring the SAFU fund to approximately $1 billion.

Binance has not yet announced a specific timeline for replenishing the funds, nor has it disclosed how much of the futures insurance fund was used this time.