"SAFU" in the context of Binance refers to the "Secure Asset Fund for Users". It was introduced by #Binance as a means to protect users and their funds in extreme cases.

This fund is an emergency insurance, so to speak, which is reserved and stocked up by Binance over time. As mentioned, it is primarily used to cover potential losses from unforeseen events such as hacks.

The term #SAFU itself comes from a meme within the crypto community. Originally, it was a humorous misspelling of the word "safe" in a video and later adopted by Binance's CEO #ChangpengZhao (CZ) in the announcement of the fund.

As of my last update, Binance commits 10% of all trading fees received into SAFU to offer protection to users and their funds in extreme cases. This amount is stored in a separate cold wallet.

Binance is regarded as a safe exchange that provides account protection for users with security features like the use of Two Factor Authentication (2FA).

After the last major security breach in 2019, Binance has been relatively safe and secure for trading. Additionally, they try to cover the losses of assets for their users out of their own pockets, which gives a higher level of integrity for the platform.

 According to Binance, one of their goals is to never use SAFU, they hope to achieve this by providing the most secure crypto platforms possible for all of their users, whether centralized or decentralized.

#Solana (SOL) Exceeds Ethereum L2s by Trading Volume, Data SaysSolana (SOL), high-performance blockchain network, finally surpassed Polygon and Optimism by transactional volume.Traders and analysts are discussing the roots of the "New Solana Summer" as all core metrics of on-chain activity are rocketing. Some of them have already reached pre-FTX collapse levels. NFTs and meme coin segments might be contributing to this upsurge, data says. Solana (SOL) exceeds Polygon (MATIC), Optimism (OP) by transactional volume In early December 2023, the aggregated on-chain trading volume on the Solana (SOL) blockchain surged above $240 million per day in equivalent. As such, the blockchain managed to surpass both Polygon (MATIC) and Optimism (OP), two mainstream Ethereum-based L2s by this indicator.In the first days of December, Polygon (MATIC) and Optimism (OP) demonstrate trading volumes of $137 million and $40 million per day, respectively. As such, Solana (SOL) processes more money on-chain than they do combined. Also, in the last 24 hours, Solana (SOL) exceeded its another rival Avalanche (AVAX) by net value locked in dApps. Solana's dApp ecosystem is responsible for $688 million in TVL, Avalanche (AVAX) dApps logged $660 million. At that pace, Solana (SOL) might surpass the TVLs of Polygon (MATIC) and Optimism (OP) in the coming days.In the last month, Solana's (SOL) TVL added over 60%, while the SOL price soared by 45%. However, it is still lagging behind Arbitrum (ARB), a dominant Ethereum (ETH) L2. Arbitrum (ARB) amassed almost $2.2 billion in TVL, while its daily trading volume exceeds $363 million in equivalent. SolScriptions and meme coins triggered Solana (SOL) comeback The rally of Solana (SOL) and its network indicators can be attributed to a combination of powerful catalysts. For instance, the interest in Solana-based Ordinals "SolScriptions" and meme coins triggered the growth of SPL tokens minted on-chain. Then, Solana-based liquid staking protocols like Jito and Marinade Finance are actively attracting new customers and liquidity. Decentralized exchanges like Raydium and Orca are also gaining traction.As covered by Crypto 360 previously, CoinEx Research indicated the DePIN (Decentralized Physical Infrastructure Networks) sector as yet another powerful catalyst for Solana (SOL) ecosystem's rebound.#BTC #SAFU #Web3Wallet #BinanceTournament

Binance launched the Secure Asset Fund for Users (SAFU) in July 2018 as an emergency fund to safeguard user funds. Binance allocated a portion of trading fees to bolster the fund’s size, enhancing its ability to provide protection.

As of January 29, 2022, the Secure Asset Fund holds a value of $1 billion, subject to market variations. The fund’s valuation will ebb and flow based on market conditions. The SAFU fund encompasses wallets containing BNB, BTC, USDT, and TUSD, constituting its foundational assets.

SAFU wallet addresses:

• BTC: 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD

• BNB and USDT (BEP20): 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa

• TUSD (ERC20): 0x4B16c5dE96EB2117bBE5fd171E4d203624B014aa

The origin of SAFU

In instances of unscheduled maintenance, Binance CEO Changpeng Zhao (CZ) took to Twitter, assuring users with the statement “Funds are safe.”

Following this incident, the phrase “Funds are safe” turned into a consistent reassurance from CZ, underscoring the security of users’ assets.

In 2018, a content creator by the name of Bizonacci posted a YouTube video titled “Funds Are Safu,” which swiftly gained traction and evolved into a viral meme. Since then, the crypto community has embraced the phrase “Funds are SAFU” as a light-hearted yet powerful affirmation of the safety of their holdings.

$BNB

#WebGTR #SAFU #crypto #Binance #TUSD

There have been several crypto hacks that happened in November 2023. From Heco exploits to Yearn Finance unexpected Rugpull November, we saw some biggest breaches of all time. Here are some of the major ones: #SAFU ⭕ HTX and Heco Chain hack : Around $115 million so far has been stolen after hackers exploited the HTX exchange and Heco Chain, two cryptocurrency platforms linked to high-profile entrepreneur Justin Sun. HTX, formerly known as Huobi, was targeted by hackers who stole an estimated $30 million worth of cryptocurrencies, the company said in a statement on Wednesday¹. A total of $85.4 million worth of cryptocurrency has been stolen from the Heco Chain, according to market analytics firm CryptoQuant.🔘 Mixin breach: Crypto platform Mixin suffered a data breach of its cloud service provider, resulting in $200 million in crypto being stolen by hackers. The attack affected over 5,000 user accounts and mainly involved stablecoin USDT and ether. Mixin has not been able to recover the stolen funds, but has promised to compensate half of the losses to its users.🛑 CoinsPaid phishing scam : Crypto payment processor CoinsPaid was hit by a phishing scam that cost $37 million in crypto . The attackers lured an employee with a fake job offer and installed malware on their device, which gave them access to the CoinsPaid internal infrastructure. The hackers have not been identified, and the funds have not been retrieved.⭕ Crypto hacks surge in November : According to blockchain security firm CertiK, November has seen a worrying spike in crypto hacks and theft, with losses reaching approximately $173 million so far. This figure represents the fourth-highest monthly total for 2023. Two major hacks account for the bulk of the losses.♦️ Protocol Hacks & Rug Pull : YFI Dropped 43% One Day : A Exit Pool or Systematic Rugpull? ♦️ What went wrong with $YFI ?Yearn.finance once the face of Decentralized Finance. Recently got a solid growth followed by a sudden 40% dump in minutes. What went wrong with it. Yearn Finance Got extraordinary growth in Last few months from 9000$ to 14000$ it spell a healthy 50%. The Active users on-chain also growing at a significant rate but suddenly the price plummed by a Strom and it lost its majority of marketcap fraction of few hours. So, what really happened. How once The Face of DeFi melted this bad way let's Find out. ♦️ Nearly half of the entire supply of YFI is held in 10 wallets. ♦️ And now this rumour is coming that this was an exit scam by insiders.♦️ Its market cap also vanished in hours, down from $525 million to $296 million.♦️ As per data shared by @lookonchain, a wallet also transferred 446 YFI ($5.8 million) out, and most of which was deposited to exchanges.♦️ A whale (@0x7d54)  also sold 96 YFI for 636 ETH ($1.23 million) at a price of $12,893 before YFI plummeted.The DramaOn 12 Nov, this wallet (0xE94xx) bought these $YFI   and then transferred to wallet (0x6exx) 7 hours ago. 6hours ago this wallet (0x6exx)sent 4.331m$ worth of #YFI to exchange (probably sold out); So this wallet (0xE94xx) made  1.2m$ from 725k$. @0x7d54 sold his huge $YFI holdings a few minutes prior to the big drop and saved his portfolio, but he boosted the drop significantly with his sells.On 18 Nov, YFI dumped 37% in 8 hoursAt the same time, YFI open interest spiked from $800k to $67m on @dYdX.  The pump and dump of spot YFI prices made it impossible for @dYdX to liquidate users at the right price as prices were moving too fast. This meant that as per dydx protocol, the insurance fund has to step in and insure the sloppy slippaged trades. The dydx insurance fund lost $9.5m.☢️ Kyberswap Hack : How 46M Dollar Stolen in Seconds KyberSwap, a decentralized exchange system, recently reported a significant hack. Here are some key details:♦️ The hack resulted in a loss of approximately $46 million.♦️ The funds were abruptly transferred from protocol-associated wallets into a single wallet.♦️ The exploit targeted funds within KyberSwap’s Elastic Pools liquidity solution.♦️ KyberSwap urged all users to promptly withdraw their funds as a precautionary measure.♦️ This is not the first time KyberSwap has been targeted. In a previous incident, KyberSwap suffered a frontend exploit, resulting in a loss of $265,000. ♦️ In response to that incident, KyberSwap offered a 10% bounty — of roughly $40,000 — to the hacker as means to remediate the situation.⏺️ How The Protocol Was Hacked ?The reason behind the KyberSwap hack was the exploitation stemming from tick manipulation and double liquidity counting. Similar to the bug that earned 100proof a $1 million bounty, the attacker utilized a flash loan to drain pools with minimal liquidity. By strategically manipulating prices and ticks within targeted pools, they executed various swap steps and cross-tick operations, resulting in the double counting of liquidity and ultimately draining the pools.⭕ Attack Impact Across NetworksArbitrum: $20MOptimism: $15MKyber Mainnet: $7.5MPolygon: $2MBase: $315K🔘 Impact Of The Hack According to DefiLlama data, KyberSwap’s total value locked (TVL) dropped by 68% in a matter of hours, and about $78 million left the protocol as a result of the attack and user withdrawals. Its TVL is currently $27 million, down from a peak of $134 million in 2023.☢️ The hacker’s demandsThe following appeared in a transaction that the perpetrator purportedly sent: “Dear Kyberswap Developers, Employees, DAO members, and LPs, Negotiations will start in a few hours when I am fully rested. Thank you.” In addition, the perpetrator sought out, “How is Ontario this time of year?”🛑 2022 Kyberswap Hack The KyberSwap hack in September 2022 was a significant event in the DeFi space. Here are some more details about the incident:♦️ The attacker exploited the frontend of the KyberSwap website. This was different from many DeFi hacks, which typically target smart contracts.♦️The attacker injected malicious code into its Google Tag Manager, which supports the site’s Google Analytics.♦️This allowed the hacker to transfer the user’s funds into their own wallet. The malicious code was designed specifically to target whale wallets containing large amounts of cryptocurrency. ♦️When a user attempted to perform a transaction on the Kyber Network platform using one of these high-value wallets, the malicious code would modify the transaction to include approvals for the attacker’s address.♦️The attacker could then use these approvals to drain value from the high-value wallets. The attacker successfully stole a total of $265,000 worth of Aave Matic interest-bearing USDC (AMUSDC) in 4 transactions from one wallet on Polygon.♦️Another wallet was targeted but managed to revoke the malicious approvals before the attacker could use them to drain funds. After the Kyber Network team identified the issue, they disabled the GTM and restored normal operations within two hours.♦️The affected wallet has also been fully compensated, and, with the help of Binance, has identified two parties involved in the attack.© This piece of article isn't sponsored by anyone the names are taken only for information purposes. By Declaring this we aren't responsible for any Loses if you pouring money in this project after reading our article. This article should be treated as a piece of information not a financial Advice. #safu ▪️Source: (1) HTX, Heco Chain crypto hack: $115 million stolen so far - CNBC. https://www.cnbc.com/2023/11/23/htx-heco-chain-crypto-hack-115-million-stolen-so-far.html.(2) The 10 Biggest Crypto Hacks and Scams of 2023 - MUO. https://www.makeuseof.com/biggest-crypto-hacks-scams-of-2023/.(3) Crypto Hacks Surge in November, Losses Total $173 Million. https://www.cryptotimes.io/crypto-hacks-surge-in-november-losses-total-173-million/.