Everyone's spamming SAFU right now. Here's what it actually is ๐
SAFU = Secure Asset Fund for Users. $BNB's parent exchange Binance set it up in July 2018 and funds it with 10% of all trading fees. It's an emergency war chest for worst-case scenarios like hacks.
It's not a theory, it's been used before:
๐ด May 2019: hackers drained about 7,000 $BTC from a Binance hot wallet. SAFU covered it and no user balance was touched.
๐ด Dec 2020: the DeFi protocol COVER got exploited and its team couldn't make Binance users whole. Binance paid them about $10M out of SAFU.
This time Binance says SAFU plus company funds will cover every loss.
Track record is there. Reserve is there. Don't let the FUD farmers shake you out of your bags on panic headlines ๐ง
SAFU = Secure Asset Fund for Users. $BNB's parent exchange Binance set it up in July 2018 and funds it with 10% of all trading fees. It's an emergency war chest for worst-case scenarios like hacks.
It's not a theory, it's been used before:
๐ด May 2019: hackers drained about 7,000 $BTC from a Binance hot wallet. SAFU covered it and no user balance was touched.
๐ด Dec 2020: the DeFi protocol COVER got exploited and its team couldn't make Binance users whole. Binance paid them about $10M out of SAFU.
This time Binance says SAFU plus company funds will cover every loss.
Track record is there. Reserve is there. Don't let the FUD farmers shake you out of your bags on panic headlines ๐ง