He tweeted that the SAFU will cover the 7000 BTC stolen by the hackers. The stolen user funds will surely be covered. I admire them for their fast and smooth response to this problem. But there is still a problem, the hacker was able to acquire a number of API and 2FA keys, which gives the hacker ability to control some accounts, they are still unsure if the hacker still has access. This is the reason why the deposit and withdrawals are locked for a week.
Here is the complete security breach report posted on their official twitter: https://binance.zendesk.com/hc/en-us/articles/360028031711
Topic: Binance #safu fund - page 3. (Read 601 times)
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.
If the analysis is correct that Binance earns 7000BTC every 47 days then the 10% of that went to SAFU since 4 July 2018 only amounts to less than 5000 BTC so they must be funding the rest from reserves
Is there some place or address where we can monitor or see what is the current amount in their SAFU. I certainly praise Binance for doing this, but the hack could have been bigger and its good to know how much they have in that fund. I haven't really noticed them saying how much would the SAFU cover this time.
Binance might rean 7000BTC every 47 days,but what about all their operational costs?
I'm sure that those 7000BTC per 47 days isn't pure profit.However,if Binance was hacked once,it will be hacked twice.They have to find their weak spots and invest money into increased security,which will increase their costs even more.
If the analysis is correct that Binance earns 7000BTC every 47 days then the 10% of that went to SAFU since 4 July 2018 only amounts to less than 5000 BTC so they must be funding the rest from reserves
Is there some place or address where we can monitor or see what is the current amount in their SAFU. I certainly praise Binance for doing this, but the hack could have been bigger and its good to know how much they have in that fund. I haven't really noticed them saying how much would the SAFU cover this time.
If the analysis is correct that Binance earns 7000BTC every 47 days then the 10% of that went to SAFU since 4 July 2018 only amounts to less than 5000 BTC so they must be funding the rest from reserves
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.
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.
Can they cover it? I definitely think they could. While 7000+ BTC is definitely a LARGE amount(0.03% of total BTC supply), I'm very confident that they can make that money back in no time. You're completely underestimating how big Binance is and how much money they're making.Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?
I think it's in BTC, or majority is. I don't think it would make much sense to have a "fund" with significantly lower liquidity. 
SAFU means Secure Asset Fund for Users!
Binance website says the below,
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.
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
“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.
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.
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?
I have not yet heard anything on that matter by Binance but on my opinion I think they can easily take care of this problem as we know that Binance has been very profitable right from the very start. So we should not expect any solvency problem that Binance could not face with flying colors. This can be the biggest test of Binance's resiliency as the top cryptocurrency exchange in the marketplace. Their number one job for now is to make sure that the trust and confidence they are enjoying will not be diminished so that no competitors can take advantage of the situation.
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?
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