Secure Asset Fund for Users (SAFU)

By: WEEX|2024/11/05 16:25:45

The Secure Asset Fund for Users (SAFU) is an emergency insurance fund established by Binance, one of the world’s largest cryptocurrency exchanges, to protect users in the event of a security breach or significant loss. Binance allocates 10% of all trading fees to the SAFU fund, which is held in a cold wallet. The fund acts as a safeguard, ensuring that users’ assets are protected even in the event of a hack or major theft. Example: In 2019, Binance was hacked, and over $40 million in Bitcoin was stolen. However, users were compensated from the SAFU fund, and no individual lost their funds as a result of the hack.

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