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Binance SAFU in Crypto Explained: Meaning, Origin, and How It Works
- Binance SAFU, or Secure Asset Fund for Users, is an emergency insurance fund established by Binance in July 2018 to reimburse victims of security breaches.
- Benefits include increased security, peace of mind for traders, and rapid recovery during emergencies on Binance.
- Binance allocates around 10% of trading fees to the SAFU, stored separately to cover losses from hacks or security issues.
- SAFU works by depositing 10% of trading fees into a secure wallet for potential reimbursement during security breaches.
- Although SAFU provides added security, there are no legal guarantees for payouts, and it's not comprehensive insurance.
- Users are encouraged to employ additional security practices like Two-Factor Authentication and whitelisting withdrawal addresses.
- The concept of SAFU originated from Binance's CEO's reassurance during a system maintenance, leading to the establishment of the fund.
- Staying SAFU in crypto involves choosing secure exchanges, enabling all security features, and staying informed about scams and phishing attempts.
- The stay SAFU mantra emphasizes maintaining security measures to protect assets and avoid falling victim to cyber threats.
- The SAFU meme originated from a mispronunciation by a YouTuber in response to a CEO's assurance about funds being secure.
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