Sunday, August 24, 2025

Latest

Binance Creates $1 Billion Insurance Fund Following String of Crypto Hacks

Binance Holdings Ltd has established an insurance fund specifically for reimbursing users targeted by cryptocurrency hacks.

On Monday, Binance announced it has completed earmarking funds towards an emergency portfolio that can be used to reimburse traders falling victim to cyberattacks on virtual currency trading platforms. In 2018, Binance began allocating 10% of all trading fees towards the insurance portfolio, and has now consolidated all of the money into the Binance Secure Asset Fund for Users (SAFU).

According to its opening price as of January 29, the SAFU was valued at around $1 billion, and is expected to fluctuate is response to changes in the market. “At Binance we always said ‘funds are safe,’ and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues,” said Binance CEO Changpeng Zhao.

Cryptocurrency users have been increasingly expressing concerns over a string of cyberattacks, which have wiped out billions of dollars in digital tokens as of recent. The security breaches have caused grievances for trading platforms and investors alike, as companies were forced to temporarily halt their services in order to correct network vulnerabilities.


Information for this briefing was found via Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

G Mining Q2 Earnings: Costing Gone Wild

Aya Gold Q2 Earnings: Production Slips Amid Ramp Up

i-80 Gold Q2 Earnings: Better, But Not Great

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

SEC Expands Investigation Into FTX Handling of Customer Funds During Liquidity Crunch

US regulators are in the midst of looking into the relationship between embattled crypto exchange...

Wednesday, November 9, 2022, 02:33:13 PM

Checkout.com Cuts Ties with Binance Amidst Regulatory Concerns

In an unexpected move, Checkout.com, a London-based credit card processing firm, terminated its contract with...

Saturday, August 19, 2023, 11:36:00 AM

After Binance, CFTC Warns It “Will Not Stop In Pursuit Of Non-US Crypto Entities”

In recent years, the cryptocurrency industry and its prominent figures have faced considerable challenges. The...

Friday, November 24, 2023, 08:17:41 AM

Binance Halts All USD Transfers As It Searches For New Banking Partner

Crypto exchange Binance is suspending all bank transfers in US dollars beginning on February 8....

Monday, February 6, 2023, 02:59:00 PM

The Rise and Fall of FTX Explained

“I fucked up and should have done better” – that’s the tweet just sent out...

Saturday, November 12, 2022, 04:30:00 PM