Binance Announces SAFU Fund Has Reached $1 Billion

Binance has announced 1 of its trademark features, the SAFU fund, has reached a milestone successful its development. The SAFU fund, an acronym that stands for “Secure Asset Fund for Users,” has reached the magnitude of 1 cardinal dollars, securing the funds of users successful lawsuit of a hacking emergency. The exchange, which is 1 of the pioneers successful the constitution of specified structures, invited different exchanges to besides instrumentality akin measures.

SAFU Reaches $1B, Transparency Highlighted

Binance, the starring speech successful measurement traded, has announced a milestone regarding its SAFU fund. The fund, whose sanction stands for “Secure Asset Fund for Users,” has reached the magnitude of 1 cardinal dollars to reimburse its users successful lawsuit of a hack oregon lawsuit affecting users’ funds. The speech besides disclosed 2 wallet addresses wherever users of the speech and the nationalist tin hint the movements of these funds.

As per the property merchandise announcing this information, this disclosure seems to beryllium directed to summation the transparency of the speech for governments each astir the world. The speech besides recommended different crypto exchanges travel suit. In this regard, Binance stated:

Binance calls connected each centralized exchanges to people their security money wallet addresses, arsenic it volition payment the full ecosystem and show to governments, regulators and important stakeholders our corporate committedness to uphold trust, integrity and transparency successful the crypto ecosystem.

SAFU Origin and Previous Uses

The root of the SAFU money goes backmost to the twelvemonth 2018 erstwhile the speech faced a bid of trading outages related to irregular trading activity. This led to the constitution of the aforementioned money to support users successful lawsuit of a large hack. At the time, the speech announced it would allocate 10% of each the trading fees received to this fund, and that these funds would beryllium stored successful a abstracted acold wallet.

SAFU has already been utilized successful respective instances to reimburse victims of hacks. One of the astir celebrated instances was backmost successful May 2018, erstwhile a large-scale information breach allowed hackers to bargain much than 7,074 BTC from the exchange. During this event, Changpeng Zhao, CEO of Binance, famously mentioned the institution was considering a reorg of the BTC concatenation but declined to bash it later. Most recently, the money was besides utilized to compensate clients for the Cover concern infinite minting hack that happened successful December.

What bash you deliberation of the milestone announced for the SAFU fund? Tell america successful the comments conception below.

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