SAFU, which stands for Secure Asset Fund for Users, is a safety net created by cryptocurrency exchange Binance to protect users' funds during extreme situations such as hacks or security breaches. The term SAFU originated from a meme that was created when Binance's CEO Changpeng Zhao tweeted "Funds are safe" during maintenance. Binance embraced the meme and turned it into a serious security measure, launching the Secure Asset Fund for Users in July 2018. Binance allocates 10% of all trading fees to this fund, which is stored in a separate cold wallet. SAFU has gained popularity and other exchanges have followed suit. However, it's important for users to verify the legitimacy of any project claiming a connection to SAFU to avoid scams.



Other News from Today