Binance #safu fund - page 2. | Bitcointalksearch.org

stompix

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Quote from: Broly46 on May 10, 2019, 03:06:39 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

Broly46

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Quote from: ||bit on May 09, 2019, 10:27:45 AM

Actually it is good that they have a safu and paying back to people but on the other hand i would prefer safu fund would be there but never needed to use. Because that fund has a limit and if a bigger hack like instead %2 of the btc, %100 of the btc hacked, that fund would only cover some part of the hack.

And just read an analyze that binance would recover 40m $ in around 45 days. So it is not a huge blow for them financially but a huge blow for them in trust. We still don't know the details of the hack and i believe we need to know. Regardless i will withdraw my btc after withdrawal is open and i will only use binance for trade, not holding anything just because it is convenient.

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!! Compare to the bitmain quarterly loss of $500m which is one off event, Binance are having a two off capital loss!! And tell me Binance could afford the loss again? I think bitmain need to go full retard and undergo a large scale firing squad, I don't think Binance could be so lucky. Feel free to fix my maths.

stompix

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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

||bit

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Actually it is good that they have a safu and paying back to people but on the other hand i would prefer safu fund would be there but never needed to use. Because that fund has a limit and if a bigger hack like instead %2 of the btc, %100 of the btc hacked, that fund would only cover some part of the hack.

And just read an analyze that binance would recover 40m $ in around 45 days. So it is not a huge blow for them financially but a huge blow for them in trust. We still don't know the details of the hack and i believe we need to know. Regardless i will withdraw my btc after withdrawal is open and i will only use binance for trade, not holding anything just because it is convenient.

traderethereum

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Quote from: Nadziratel on May 09, 2019, 01:08:43 AM

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

7000 BTC is big amount of us. But Binance earn this amount of BTC sometimes daily. I don't know what will happen next time but I am sure that Binance will recover all this damage for this time.

I am sure Binance can handle that because 7000 is not too big for them. And if Justin Son wants to help them, then I think that will be great for Binance because that will makes traders not to worry because of the hacking news.
Let's wait for the next news from them, and we could hope that it will be good news for us because I think they are now still trying to fix the problem to make sure that it is not happening again in the future.

mu_enrico

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I found this "hacking" case suspicious. Does this really happen? I mean who knows? Binance could use 7,000 BTC from SAFU for a pump and dump scheme similar to BTT case.

What we know is that they need a lot of BTC and one way to get it is from their own stash.

Broly46

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Quote from: okala on May 09, 2019, 05:31:05 AM

Quote from: Broly46 on May 09, 2019, 04:03:50 AM

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

I don't think so, if the binance staffs come out clean there will be no need firing them as I have been following up from CZ twitter handle all those who pledge support, donations have been asked by CZ to donate such found to charity and that the is a mechanism being design to take care of this loses. 7,000 bitcoins is really a huge amount but I believe binance will come out strong.

I would love to think positively, of course everyone would love to be free of troubles, but what do we have in the past? Did bitfinex and Mt Gox taught us something that we don't know? I think Mark Kerpeles are a spoilt brat, that's he deserve what he have today, but CZ are now in the deep shit as close as Mark Kerpeles, I'm not going to wish him the worse, and well when its about money, we don't really want to forgive anyone, we can go as far as putting the innocent to the jail, this is the risk CZ may be facing, unless he could come out with the money to shut everyone up. And for Binance which is a very big exchange by volume and money traded, I think they're dealing in millions to billions trades everyday, and it is almost certain these are some of the elite in the crypto who trade in the exchange, and these elite aren't so forgiveful when it come to money, they are most likely calling their lawyers right now preparing to bring the exchange down at the right time.

okala

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Quote from: Broly46 on May 09, 2019, 04:03:50 AM

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

I don't think so, if the binance staffs come out clean there will be no need firing them as I have been following up from CZ twitter handle all those who pledge support, donations have been asked by CZ to donate such found to charity and that the is a mechanism being design to take care of this loses. 7,000 bitcoins is really a huge amount but I believe binance will come out strong.

limuskex

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CZ said it will be refunded by SAFU and Justin doesn't need to do it

omone1

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Quote

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?

Justin Son only said he is going to support binance by depositing 7,000BtC and buying some BNB and some other coins, it's just a solidarity move borne out of his love for the exchange and the community in general. This on the part of Son is commendable looking at the contribution of Binance to Cryptocurrency.

Broly46

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I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

CryptoBry

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Quote from: avikz on May 08, 2019, 09:45:28 PM

SAFU means Secure Asset Fund for Users!

Binance website says the below,

Quote

SAFU, the Secure Asset Fund for Users is an emergency insurance fund. On the 3rd of July, 2018, Binance announced the Secure Asset Fund for Users.

“To protect the future interests of all users, Binance will create a Secure Asset Fund for Users (SAFU). Starting from 2018/07/14, we will allocate 10% of all trading fees received into SAFU to offer protection to our users and their funds in extreme cases. This fund will be stored in a separate cold wallet

Link: https://www.binance.vision/glossary/secure-asset-fund-for-users

And as already posted by my fellow community member kemarit above, this news has been confirmed by CZ himself.

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. I think that Binance is a well-managed business and they are always prepared for the worst so this is just a little bit setback for them.

I have been intrigued with that SAFU term actually and it is just now I realized what it means and how it became the substitute for the word "safe" just like the story of the world "hodl" which is really popular.

BitBustah

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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!!

bob123

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Quote from: Nadziratel on May 09, 2019, 03:40:32 AM

Quote from: bob123 on May 09, 2019, 03:17:03 AM

As far as i am concerned, malicious actor were able to obtain API keys, 2FA codes, etc.. from the victims, correct ?

I answered a quetion in a different thread. A lot of thread has just created about Binance hack. So there is nothing you should afraid of now.

Quote from: Nadziratel on May 09, 2019, 01:27:18 AM

[...] I'm sure there will be an extra security measure now and this will be enough for a while. Then we will experience the same things ... The nature of mankind ...

Additional security measurements are not needed. You can create as much protecting mechanisms as you want.
If the people using them are too stupid to properly make use of it, it is completely useless.

People need to learn how to protect sensitive information. That's all which is needed. Making a X-factor-authentication is useless if people don't understand how to store the codes.
Same applies to password policies. A long and complex password is fine, but if he stores it in plain text on his windows XP.. that doesn't protect him.

Anonylz

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Yes Absolutely right, if binance chose to ignore this incidents on the basis that it was not their fault that peoples funds were stolen as a result of their carelessness, many won't see it that way, rather the blame will be on binance regardless whether they had something to do with the neglect or not, people always look for who to blame in their own mistakes, CZ is a business man, so he wouldn't want anything that will dent his business in the slightest.
i also saw a medium post in a telegram group about Justin Sun agreeing to deposit 7,000BTC on binance, though i didn't open to read details just the headlines, so can't say its authenticity.

Nadziratel

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Quote from: bob123 on May 09, 2019, 03:17:03 AM

As far as i am concerned, malicious actor were able to obtain API keys, 2FA codes, etc.. from the victims, correct ?

I answered a quetion in a different thread. A lot of thread has just created about Binance hack. So there is nothing you should afraid of now.

Quote from: Nadziratel on May 09, 2019, 01:27:18 AM

No matter how hard we try. One day they will find a way again. This is the life story of mankind. First, the disease occurs, then the humanity to deal with. Sometimes the solution comes in days. Sometimes it takes years. There's not a lot we can't come up with. I'm sure there will be an extra security measure now and this will be enough for a while. Then we will experience the same things ... The nature of mankind ...

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Quote from: bob123 on May 09, 2019, 03:17:03 AM

As far as i am concerned, malicious actor were able to obtain API keys, 2FA codes, etc.. from the victims, correct ?

Why does binance even cover those losses which obviously happened due to people who have no idea how to secure sensitive information ?

In order to negate bad press, and to ensure that people will keep patronizing them. Also, the SAFU fund does not specify which 'extreme cases' is it talking about, so surely this does fall under Binance's terms for SAFU, because CZ already announced it.

Quote from: bob123 on May 09, 2019, 03:17:03 AM

So.. i see 3 possibilities:
1) Binance indeed head a security breach and feels responsible
2) This is some sort of 'hackers stole money' - tax fraud from binance
3) Binance is just plain stupid for covering the losses caused by the victims

1. Highly likely, as shrugging it off would make them look as if they aren't concerned for their customers' funds.
2. Could be, and a highly successful cover-up if you ask me.
3. They surely have thought this out with their legal counsel so this is out of the equation.

bob123

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As far as i am concerned, malicious actor were able to obtain API keys, 2FA codes, etc.. from the victims, correct ?

Why does binance even cover those losses which obviously happened due to people who have no idea how to secure sensitive information ?

There was no security breach at all (correct me if i'm wrong). What has binance to do with this ? Why reimbursing the customer for something which is not their fault ?

It is not like the developer of core now reimburse anyone who gets his funds stolen because he publicly posts his private keys.
Or shall ThomasV now reimburse everyone who publicly posts his seed which results in funds getting stolen ? I don't think so.

So.. i see 3 possibilities:
1) Binance indeed head a security breach and feels responsible
2) This is some sort of 'hackers stole money' - tax fraud from binance
3) Binance is just plain stupid for covering the losses caused by the victims

mindrust

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It looks like SAFU will cover the binance users for this time. This can't go on forever however. What if the amount was a lot bigger than 7k btc? What then? In the long run whether you'll be covered by SAFU or not does no matter. If you keep playing with big amounts on the exchanges, you are at risk.

Be safe and withdraw your coins to your own wallet so you won't be worrying about the exchange hacks at all.

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Quote from: pooya87 on May 08, 2019, 10:08:04 PM

remember that we are talking about $40 million dollars not a small amount that a business like Binance can easily recover from. i seriously doubt that they are going to cover all the losses, not any time soon anyways. but i don't think they are going to go away either. it will probably be something like what Bitfinex did. they will first give back some un-withdrawable tokens to their users as compensation of what they lost and force them to come back and continue to trade and slowly over the long term pay back small amounts of it. and to do that they probably are going to manipulate using their centralized token (BNB) with some pumps and other methods to earn that money to pay back.

I disagree. Binance is easily the most popular exchange on the market right now which is why 7000 BTC is not a huge amount for them, but it is a pretty big amount for individuals like us.

They can easily earn it all back in less than a month in my opinion and SAFU will take care of the customers.

Topic: Binance #safu fund - page 2. (Read 601 times)