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Binance Tops Up Emergency Insurance Fund 'SAFU' to $1B After BNB Volatility
Binance token-related addresses were topped up with over $700 million in different tokens, while a bitcoin address was funded with $300 million.
Updated May 9, 2023, 4:01 a.m. Published Nov 9, 2022, 7:06 a.m.
Crypto exchange Binance has topped up its Secure Asset Fund for Users (SAFU) to an equivalent of $1 billion worth of various cryptocurrencies, founder Changpeng "CZ" Zhao, confirmed in a tweet Wednesday morning.
"To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again," Zhao tweeted.
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SAFU is an emergency insurance fund that was established by Binance in July 2018 to protect users' funds. When the fund was established, Binance committed a percentage of trading fees to grow it to a sizable level to safeguard users. The fund's value fluctuates based on the market and SAFU fund wallets comprise BNB, BUSD, and BTC.
SAFU addresses hold over $700 million in Binance ecosystem token BNB and Binance USD (BUSD), a stablecoin. The bitcoin address holds over $300 million worth of BTC.
Crypto markets whipsawed in the past 24 hours amid volatile market dynamics due to speculations surrounding prominent exchange FTX's liquidity issues. Speculation surrounding the crypto exchange owned by Sam Bankman-Fried grew so intense that the firm agreed to sell itself to bigger rival Binance - sparking panic among traders.
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