Binance Has a $1B War Chest for Hack Protection. Amid a flurry of multi-million dollar cryptocurrency exchange hacks, Binance has allocated $1 billion to its insurance fund.
Binance has announced that its Secure Asset Fund, otherwise known as SAFU, has hit $1 billion. SAFU launched in 2018 and was established as protection for the exchange’s users. The firm initially allocated 10% of all trading fees to the fund and has recently moved the assets into two wallets.
In a bid to improve transparency, Binance shared the two wallet addresses, which was valued at $1 billion the Jan. 29 opening price.