Following an outage on 24 June, Binance CEO Changpeng Zhao (CZ) issued a tweet with a typo confirming that “Funds are Safu”.
Users picked up on the typo and it quickly became something of a meme across the crypto community, with ‘safu’ being adopted and used in many humorous parodies.
SAFU is the new HODL. How long until CNBC comes up with a terrible acronym? Safe And Found Unharmed? Still All F’ed Up? Still All Fine Upnhere?
— fhoenyx (@crypto_fhoenyx) July 4, 2018
Not one to miss an opportunity at exposure, CZ has now adopted the ‘SAFU’ moniker and used it to name a new Binance fund. The fund is designed to protect against losses incurred due to irregular trading and is in response to the Syscoin (SYS) attack two days ago that saw SYS trading at 96 BTC.
The fund, Secure Asset Fund for Users (SAFU), will maintain a store of 10 percent of all trading fees in the event that irregular trading results in big losses. The new system will come into effect on July 14 and funds will be stored in a cold wallet. In addition to the fund, Binance has offered to rollback all irregular trades and compensate those affected.
Binance has also asked users not to create API keys if they don’t use them regularly and not share access keys with any 3rd-party providers. It is assumed that a 3rd-party trading bot with access to API keys was hacked and used to manipulate the market during the attack
CZ (@cz_binance) announced the new fund on Twitter with the tweet #SAFU is real now.
#SAFU is real now. https://t.co/xIXC0YuEy6
— CZ (@cz_binance) July 4, 2018
Twitter user BambouClub pointed out that the new fund could also be used to compare genuine trading volumes with reported volumes.
Late last month Binance suffered additional problems with an outage that resulted from routine maintenance.
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