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Are your Cryptocurrencies SAFU?


Crypto can at times be scary.

Indeed, the responsibility of being a custodian is not for everyone. Send your ETH to a BTC address, and those funds are gone, FOREVER.

Send your BTC to a BCH address; forget about them.

Millions of BTC are locked in the digital ether, a fortune at spot rates.

For this, users prefer using a cryptocurrency exchange.

But, some are not hacker-proof.

Statistics reveal that hackers have stolen billions from some of the world's leading exchanges.

If an exchange is hit, a crypto trader will inquire by asking if his/her funds are SAFU.

If they are SAFU, it means funds are safe and can be withdrawn.

It was derived from a meme by Bizonacci, which had a comment from Changpeng Zhao, the CEO of Binance, assuring clients that 'funds are safe.'

https://youtu.be/DelF6zEHXpE

 In the aftermath of this viral meme, Binance went to create the Secure Asset Fund for Users (SAFU) insurance funded by 10 percent of all trading fees. This provides a cushion against unexpected loss of funds.

For more interesting tips and facts visit our Education Centre.


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