Binance #safu fund | Bitcointalksearch.org

Dreamchaser21

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Quote from: MostafaGamal on May 11, 2019, 03:41:46 PM

In fact, it was finally confirmed that using the SAFU
This is definitely a good thing, and it increases the trust in the platform, even if you are exposed to the hackers (as they said), but the situation was controlled and nobody lost

That’s true, so Binance is still a good exchange to work for because they carry all the mistakes and they are making their system more secured. Sometimes bad things will happen to you, and how you handle that can make you a better one, and binance is doing it right.

MonsterV

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Quote from: Kemarit on May 08, 2019, 10:19:13 PM

Quote from: mr.mister on May 08, 2019, 09:32:27 PM

Does anyone know if Binance can take care of the 7,000 + lost btc by themselves, or are they going to need help from Justin Son. Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?

It was already confirmed by CZ himself in this tweet that everything will be covered under SAFU.

https://twitter.com/cz_binance/status/1125956811574484993

I don't know about Justin Sun trying to bail them out though. Binance has tons of reserved money to reimburse those who have lost their money in the hacked. They will just have to wait for the official announcement.

really, I think binance has prepared a solution for the possibilities that will occur, the statement can be seen in the tweet.
https://twitter.com/cz_binance/status/1126469393204924416

Binance is so calm about dealing with this hacking problem, in my opinion they have been prepared in advance to deal with this problem. salute them, hopefully no user is harmed there.

Spider A4

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Quote from: mr.mister on May 08, 2019, 09:32:27 PM

Does anyone know if Binance can take care of the 7,000 + lost btc by themselves, or are they going to need help from Justin Son. Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?

Binance got hacked over 7000BTC+ (40 million USD) and they confirmed about SAFU Fund check out here https://www.binance.vision/glossary/secure-asset-fund-for-users this binance and i trust for their such intention.
But any user fund didn't affected in this hacked.

MostafaGamal

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In fact, it was finally confirmed that using the SAFU
This is definitely a good thing, and it increases the trust in the platform, even if you are exposed to the hackers (as they said), but the situation was controlled and nobody lost

rdbase

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Quote from: ttcsalam on May 11, 2019, 02:53:39 AM

If you are not so much, then there is a very nice thing. What SAFU means Secure Asset Fund for Users is this. This is a security issue for every company and Big Excenger Through this, investors will get the security of their capital.

If there is such a secure asset fund then why was there something put out with binance looking to cashout a large amount of tether in exchange for bitcoin? Undecided

Looks like they are trying to recoup as much as the BTC7000 with offsetting other assets on their own exchange.

TravelMug

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Quote from: BitHodler on May 10, 2019, 06:42:17 PM

Quote from: CryptoBry on May 09, 2019, 05:02:48 AM

SAFU can easily take care of this problem and if ever there is still some gap then I think Binance can also take a dip at their own funds.

SAFU fits in the category of Binance's own funds. They are not obligated to actually allocate them to hacks and whatnot, it's just what they promised, but we have seen many exchanges break their promises before.

I wonder how much Binance has sitting in its SAFU fund, and whether or not a part of it is sitting in altcoins that need to be converted to Bitcoin. Maybe they have already been selling alts to Bitcoin in the last few days.

If they want to recoup their $40 million loss they are better off launching a few more IEOs because these are the real money makers for them, or list some random shitcoins and tokens for an exorbitant fee.

As far as I know there's no document whatsoever about this so called SAFU funds from Binance, so we don't know how much funds they have sit in there.

I'm assuming that it will come to the trading fees so it will be huge and enough to cover that $40 millions they have lost from the hacked.

ttcsalam

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If you are not so much, then there is a very nice thing. What SAFU means Secure Asset Fund for Users is this. This is a security issue for every company and Big Excenger Through this, investors will get the security of their capital.

incomefromcoins

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it's a very unfortunate exchange like Binance to faced major security branch i hope next time binance won't happen these kinds of hack

BitHodler

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Quote from: CryptoBry on May 09, 2019, 05:02:48 AM

SAFU can easily take care of this problem and if ever there is still some gap then I think Binance can also take a dip at their own funds.

SAFU fits in the category of Binance's own funds. They are not obligated to actually allocate them to hacks and whatnot, it's just what they promised, but we have seen many exchanges break their promises before.

I wonder how much Binance has sitting in its SAFU fund, and whether or not a part of it is sitting in altcoins that need to be converted to Bitcoin. Maybe they have already been selling alts to Bitcoin in the last few days.

If they want to recoup their $40 million loss they are better off launching a few more IEOs because these are the real money makers for them, or list some random shitcoins and tokens for an exorbitant fee.

Broly46

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Quote from: rdbase on May 10, 2019, 06:34:30 PM

Quote from: Broly46 on May 10, 2019, 06:30:26 PM

Quote from: Bitcoin_Arena on May 10, 2019, 06:19:24 PM

Quote from: stompix on May 10, 2019, 05:54:25 PM

-snip-

Looks Mathematics is not for everyone Grin

You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Pretty close. $1,100 billion according to this list of crypto billionaires if BTC goes subatomic.
https://bitcointalksearch.org/topic/new-billionarie-list-if-bitcoin-exploded-5141611

That will make all of us millionaires too, I couldn't be more happier than that, and it will fix all the world's problem too. And OMG, $250,000 sound like a long way to go, that's 41x from the price $6000. I don't know how to do a maths anymore.

rdbase

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Quote from: Broly46 on May 10, 2019, 06:30:26 PM

Quote from: Bitcoin_Arena on May 10, 2019, 06:19:24 PM

Quote from: stompix on May 10, 2019, 05:54:25 PM

-snip-

Looks Mathematics is not for everyone Grin

You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Pretty close. $1,100 billion according to this list of crypto billionaires if BTC goes subatomic.
https://bitcointalksearch.org/topic/new-billionarie-list-if-bitcoin-exploded-5141611

Broly46

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Quote from: Bitcoin_Arena on May 10, 2019, 06:19:24 PM

Quote from: stompix on May 10, 2019, 05:54:25 PM

-snip-

Looks Mathematics is not for everyone Grin

You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Bitcoin_Arena

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Quote from: stompix on May 10, 2019, 05:54:25 PM

-snip-

Looks Mathematics is not for everyone Grin

You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Broly46

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0xe25ce19226C3CE65204570dB8D6c6DB1E9Df74AC

Quote from: stompix on May 10, 2019, 05:54:25 PM

Quote from: Broly46 on May 10, 2019, 05:37:57 PM

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

You don't understand, the lost money is not from Binance's own pocket.
Those where user funds, at the moment of the hack Binance as a company or a business didn't lose anything, their balance was still zero what went missing were the user funds.

So previously the balance was:
hackers 0 / customers 100 million/ binance 70 million (I put 100/70) as an example, randomly)
After the hack:
hackers 40 million / customers 60 million / binance 70 millions
After SAFU deployed:
hackers 40 million / customers 100 million / binance 30 million

In your example is like you lose 40$ from your wallet on a bus, then you go to an ATM, pull 40$ to replace the 40$ and you end up saying you lost 80$ Tongue

Look at this, everyone think $40m isn't sound like a big deal. And when I try to double it to, say $80m, suddenly, everything changed, it feel like a lot of money to them, because why? People have selective sensitivity toward the money. Of course, all thank to the Pavlov dog training we have all over the social network trying to make us feel $40m is just a small peanut, but a $80m will effectively pull them out from dream into the reality. And I'm using it purposely, to wake them up, to see clearly what are they looking at. Btw I'm truly appreciate you to took your time to point out the mistakes, I could have make a better prank next time. Also I'm very skeptical that how Binance could make $40m within 45 days alone from trading fee, I think it is a lot more exaggerating than doubling the $40m, and many will still fall for it.

stompix

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Quote from: Broly46 on May 10, 2019, 05:37:57 PM

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

You don't understand, the lost money is not from Binance's own pocket.
Those where user funds, at the moment of the hack Binance as a company or a business didn't lose anything, their balance was still zero what went missing were the user funds.

So previously the balance was:
hackers 0 / customers 100 million/ binance 70 million (I put 100/70) as an example, randomly)
After the hack:
hackers 40 million / customers 60 million / binance 70 millions
After SAFU deployed:
hackers 40 million / customers 100 million / binance 30 million

In your example is like you lose 40$ from your wallet on a bus, then you go to an ATM, pull 40$ to replace the 40$ and you end up saying you lost 80$ Tongue

Broly46

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Quote from: stompix on May 10, 2019, 04:23:21 PM

Quote from: Broly46 on May 10, 2019, 04:06:39 PM

I hate to fix your maths, but please be realistic, Binance are losing $40m to the hackers alone, and they are going to fork out the loss to compensate the users, another $40m gone from the SAFU, add it up and it's a whopping $80m of loss they're facing!!

Don't try to fix something that is not broken.
A guy steals from the cashier 20$, he goes to another one, buys beers for 15$, gets 5$ back. How much did the store lose, 20, 35, or 40?

If the 40 million were stolen from user's funds Binance didn't lose a single penny till they said they will compensate the users.
If the 40 million were stolen from Binance funds it makes no sense for Binance to compensate themselves, right? Grin

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

dr.cheema

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Quote from: BitBustah on May 09, 2019, 05:01:32 AM

Nothing is ever 100% safe , people need to realize this. I still trust Binance compared to smaller exchanges since they are covering this loss. Of course they really had no choice or they would lose all credibility. Remember, not your keys not your coins!!

Agree with you, No keys not your coins. 7000 bitcoins is not a big loss for binance but there is a big challenge for binance team.
Now they should be more alert and more secure their exchange and make it better than before.
Anyway users are safu, their funds are in safu platform. Roll Eyes

Kwansimaa

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Well from the news i read about a day or two ago, i learnt CZ would refund all the stolen bitcoins from the SAFU fund. This generosity from CZ has to be applauded as many exchanges have been hacked but have never refunded users before. Good job CZ

kickdapa

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Justin sun wanted to deposit 40 Million USDT in Binance, I don't think that was a donation. Because he wanted to buy BTT, TRX, BNB coin through that big amount of money. Then Binance CEO CZ confirmed about the safu and thanked Justin sun and QKC coin! Binance is the number one exchange according to real volume and they have own coin which is very big already and their community is the best among all of the exchanges! So, Binance has tons of money in the safu I think. And those safu fund stored in BTC, not in BNB as far as I know

pixie85

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Quote from: stompix on May 09, 2019, 02:45:38 PM

Yeah, your funds are SAFU!!!
Sleep easy, CZ says all the money are SAFU!

You realize this comes from a guy that was denying the FSA has ordered them to cease operation in Japan and at the same time, he was packing his stuff to Malta while claiming on twitter everything was SAFU?

Yeah, keep believing an exchange that runs from a country in which it can't obey the rules to protect is customers funds to an offshore paradise is the safest place to keep your money and is exempt from going bankrupt by a theft Grin

More importantly it comes from a guy that was telling people that they have unscheduled maintenance going on and funds are safu while his staff was running around in panic looking for missing millions of dollars in BTC. I wouldn't trust anything he says!

They should hire someone to run PR because the CEO has no idea how to do it but he's too proud to admit it.

Topic: Binance #safu fund (Read 533 times)