Binance’s SAFU Fund: Why the Secure Asset Fund Was…
By Damilola Esebame
Source excerpt · FinanceFeeds
KEY TAKEAWAYS Binance created the Secure Asset Fund for Users in July 2018 to protect customers against security breaches and unexpected losses. The fund is financed by allocating 10% of all trading fees collected on the Binance platform into a separate reserve wallet. SAFU was deployed in May 2019 to cover $40 million in losses after hackers stole 7,000 Bitcoin from Binance's hot wallets. In earl…