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If they are SAFU, it means funds are safe and can be withdrawn.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