The crypto-verse isn’t new to scams and hacks. Binance CEO Changpeng Zhao wanted to keep any potential hacks at bay.
Regardless of how secure an industry is, perpetrators always find their way to pocket easy money. However, they seldom get away with it. The crypto industry grew from nothing to a trillion-dollar industry. With the world veering into the crypto market, ill doers were sneaking in as well. Crypto exchanges have been a honeypot for them. Therefore, exchanges have been going the extra mile to safeguard the funds of their users.
Similarly, Binance was seen guarding its users against getting scammed. This time, bad actors were sending out SMS with links. The SMS entailed a link that is supposed to aid in canceling a withdrawal. However, clicking on the link would lead to a phishing website.
CEO CZ took to Twitter and alerted the community about the same. The tweet read,
Binance takes extra precautions to steer clear of regulators and perpetrators
2021 was a rather difficult year for Binance. An array of regulators from all across the globe blatantly decided to oust the crypto exchange. Regulators from the UK, Cayman Islands, Malaysia, Singapore, Japan, Ontario, and Italy imposed harsh constraints on the exchange which forced it to traverse.
Ever since the exchange was playing safe. In a similar attempt, the firm set up a whopping $1 billion insurance fund.
The fund labeled Binance Secure Asset Fund for Users popularly known as SAFU was originally set up in July 2018 and it recently pushed its emergency fund’s value to $1 billion. This was set up to combat hacks and uncertain regulatory moves.
By saying “Funds are SAFU” the firm detailed,
“Binance calls on all centralized exchanges to publish their insurance fund wallet addresses, as it will benefit the entire ecosystem and demonstrate to governments, regulators, and important stakeholders our collective commitment to uphold trust, integrity, and transparency in the crypto ecosystem.”