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If they are SAFU, it means funds are safe and can be withdrawn.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

 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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