Post
Topic
Board Trading Discussion
Re: Binance Has Been Hacked - Lost 7,074 BTC
by
Kemarit
on 08/05/2019, 01:12:16 UTC
From the same link you posted above:

Quote
Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.

In as much that their security has been breached, people are not concerned  about them using SAFU fund to cover the funds stolen. People will be withdrawing all their coins from their platform to keep their funds safe from any future hacks. Its quite surprising to see Binance been hacked with all their security measures and protocols.

Because hackers are smart and really took time and opportunity and might have studied their security as well as not to trigger an early alarm. And by the time Binance suspect that something is wrong, it was too late. As far as I know SAFU comes from trading fee so I guess it will cover how much they lost plus they have the BNB tokens as well. It's good that they stay transparent with the issues at hand.