$BNB $IDOL friend @_Ram a few days ago I told you the lesson I learned from a mistake that left me at 0.. I've been waiting several days for a response from you.. Can I count on your valuable support so I have something to keep trading with? ๐
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_Ram
ยท
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Since everyone's saying SAFU, here's what it actually is.
Binance created the Secure Asset Fund for Users in July 2018 by setting aside 10% of trading fees as an emergency reserve for extreme cases like hacks. It's been used before:
- in May 2019 hackers took about 7,000 $BTC from a Binance hot wallet and the fund covered it so no user balance was touched.
- In December 2020 it went even further: a DeFi protocol called COVER got exploited, its team couldn't make Binance users whole, so Binance paid them about $10M from SAFU.
This time Binance says SAFU and company funds will cover every loss. So, 4. Ignore the FUDs
Binance created the Secure Asset Fund for Users in July 2018 by setting aside 10% of trading fees as an emergency reserve for extreme cases like hacks. It's been used before:
- in May 2019 hackers took about 7,000 $BTC from a Binance hot wallet and the fund covered it so no user balance was touched.
- In December 2020 it went even further: a DeFi protocol called COVER got exploited, its team couldn't make Binance users whole, so Binance paid them about $10M from SAFU.
This time Binance says SAFU and company funds will cover every loss. So, 4. Ignore the FUDs