Post
Topic
Board Trading Discussion
Re: Binance Has Been Hacked - Lost 7,074 BTC
by
hawkins
on 09/05/2019, 08:40:33 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.
I am hearing this word SAFU and I don't actually know its meaning. Is it just safe or is there a meaning behind that?
Having funds safe on this exchange, means that even though it become vulnerable to hacks, the funds of users still survives. This change my idea on that exchange.
SAFU may be like bitcoin insurance, with that they can replace leaks that occur on their exchangers, and do not affect members. but, I heard that it made the binance need to hold the WD / Deposit for 1 week. well, this might be really difficult even for companies like binance.