Quote from: hawkins on May 09, 2019, 08:40:33 AM

Quote from: spadormie on May 09, 2019, 06:55:18 AM

Quote from: TryNinja on May 08, 2019, 12:07:56 AM

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.

Of course man any company would find it very hard to deal with such a big hack that claimed more than 7000 Bitcoins worth more than $40 million. Binance is a great exchange and they are proving it again that it should be the exchange you should be part of. The security system of course is still a mater of concern but I feel they will work over it. This hack proved that a human can decode or undo anything another human codes.