Binance Announces SAFU To Protect Customer Funds

in #crypto4 years ago

On Wednesday, the Binance came in a hacking incident when Cisco blocked the blockchain rumors. However, it returned online after an hour because there was no risk of the exchange and they reset API keys as a safe measurement. Every few weeks, there is a new story in a exchange hack.

Blockchain is always fool-proof. Bitcoin has been running for almost 10 years and its network is continuing. However, the biggest weak link in the blockkain is the people that use them. Centralized exchange is responsible for users' funds and when this exchange does not follow the appropriate security norms, then it is the customer's funding line.


When the hacks were hacked, cryptokwians worth about $ 550 million were stolen because the exchange was not enough to save all the money in the online hit world. It has made things easy for external hackers to access the funds, however, there are instances where more than one person in the company has been given more control and that person has become a bad actor.

Exchange is the priority of the security of the cryptokwarbics continuously, because once money has gone, it has gone forever. Beyonce has the best track record for customer funding protection. A few months ago when there was a fear of a possible hack, Biyans announced that they would build a decent connection with a smart deal, fully powered by the binary coin

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Yesterday's announcement of another initiative with Hack Banance: Users' Safe Asset Fund (SAFU)

SAFU will save 10 percent of all trading fees for a loss in the future of a hacked exchange. This fund will be stored in a separate cold lamp separately from wallets used by exchange for daily work. Beanance has announced that from the 5 to 14 July, the fee paid will be returned 70% in the form of BNB token.


Hello Amit, Good Morning

You gave great info about one of the most secure exchange.
Thanks for this info.
Am also using binance so I believe that binace is always in incresing his security with advanced technology. So we all are safe with binance.

Thanks for your post supporting to Binance.

Follow me @ram.todkar

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