Question:
Who invented the term #SAFU ?
Answer:
The term "SAFU" gained prominence in the context of Binance, one of the largest cryptocurrency exchanges. In July 2018, Binance experienced a security incident where hackers managed to withdraw a large amount of cryptocurrency from the exchange. However, Binance had a safety measure in place called the "Secure Asset Fund for Users" (SAFU), which was a reserve fund set up to cover any losses in such situations.
Changpeng Zhao, known as CZ, the CEO of Binance, reassured users on social media by using the hashtag #SAFU🙏 . This helped to convey the commitment to securing users' funds and reimbursing any potential losses. The term has since become widely adopted in the cryptocurrency space to signify a commitment to the security of users' assets.
