In July 2018, Binance set up an emergency fund called the Secure Asset Fund for Users (SAFU) “to protect user assets in extreme cases, such as security breaches or platform-level incidents”. That is, it created a fund for exactly this kind of incident. File image for representation only
| Photo Credit: Reuters
The story so far: Early morning on October 29, many customers at Binance, the largest cryptocurrency exchange in the world, began receiving messages that their accounts were being unexpectedly emptied. What followed, over the course of just about 20 minutes, was the biggest crypto hack in history, with more than $6 billion…
