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Does anyone know if Binance can take care  of the 7,000 + lost btc by themselves, or are they going to need help from Justin Son. Also I heard somewhere that there #safu fund is in bnb. Can anyone confirm this?

I have not yet heard anything on that matter by Binance but on my opinion I think they can easily take care of this problem as we know that Binance has been very profitable right from the very start. So we should not expect any solvency problem that Binance could not face with flying colors. This can be the biggest test of Binance's resiliency as the top cryptocurrency exchange in the marketplace. Their number one job for now is to make sure that the trust and confidence they are enjoying will not be diminished so that no competitors can take advantage of the situation.

It was already confirmed by CZ himself in this tweet that everything will be covered under SAFU.

https://twitter.com/cz_binance/status/1125956811574484993

I don't know about Justin Sun trying to bail them out though. Binance has tons of reserved money to reimburse those who have lost their money in the hacked. They will just have to wait for the official announcement.

SAFU means Secure Asset Fund for Users!

Binance website says the below,

Link: https://www.binance.vision/glossary/secure-asset-fund-for-users

And as already posted by my fellow community member kemarit above, this news has been confirmed by CZ himself.

Can they cover it? I definitely think they could. While 7000+ BTC is definitely a LARGE amount(0.03% of total BTC supply), I'm very confident that they can make that money back in no time. You're completely underestimating how big Binance is and how much money they're making.

I think it's in BTC, or majority is. I don't think it would make much sense to have a "fund" with significantly lower liquidity.

remember that we are talking about $40 million dollars not a small amount that a business like Binance can easily recover from. i seriously doubt that they are going to cover all the losses, not any time soon anyways. but i don't think they are going to go away either. it will probably be something like what Bitfinex did. they will first give back some un-withdrawable tokens to their users as compensation of what they lost and force them to come back and continue to trade and slowly over the long term pay back small amounts of it. and to do that they probably are going to manipulate using their centralized token (BNB) with some pumps and other methods to earn that money to pay back.

If the analysis is correct that Binance earns 7000BTC every 47 days then the 10% of that went to SAFU since 4 July 2018 only amounts to less than 5000 BTC  so they must be funding the rest from reserves

Is there some place or address where we can monitor or see what is the current amount in their SAFU. I certainly praise Binance for doing this, but the hack could have been bigger and its good to know how much they have in that fund. I haven't really noticed them saying how much would the SAFU cover this time.

Binance might rean 7000BTC every 47 days,but what about all their operational costs?
I'm sure that those 7000BTC per 47 days isn't pure profit.However,if Binance was hacked once,it will be hacked twice.They have to find their weak spots and invest money into increased security,which will increase their costs even more.

7000 BTC is big amount of us. But Binance earn this amount of BTC sometimes daily. I don't know what will happen next time but I am sure that Binance will recover all this damage for this time.

He tweeted that the SAFU will cover the 7000 BTC stolen by the hackers. The stolen user funds will surely be covered. I admire them for their fast and smooth response to this problem. But there is still a problem, the hacker was able to acquire a number of API and 2FA keys, which gives the hacker ability to control some accounts, they are still unsure if the hacker still has access. This is the reason why the deposit and withdrawals are locked for a week.

Here is the complete security breach report posted on their official twitter: https://binance.zendesk.com/hc/en-us/articles/360028031711

I disagree. Binance is easily the most popular exchange on the market right now which is why 7000 BTC is not a huge amount for them, but it is a pretty big amount for individuals like us.

They can easily earn it all back in less than a month in my opinion and SAFU will take care of the customers.

It looks like SAFU will cover the binance users for this time. This can't go on forever however. What if the amount was a lot bigger than 7k btc? What then? In the long run whether you'll be covered by SAFU or not does no matter. If you keep playing with big amounts on the exchanges, you are at risk.

Be safe and withdraw your coins to your own wallet so you won't be worrying about the exchange hacks at all.

As far as i am concerned, malicious actor were able to obtain API keys, 2FA codes, etc.. from the victims, correct ?

Why does binance even cover those losses which obviously happened due to people who have no idea how to secure sensitive information ?

There was no security breach at all (correct me if i'm wrong). What has binance to do with this ? Why reimbursing the customer for something which is not their fault ?


It is not like the developer of core now reimburse anyone who gets his funds stolen because he publicly posts his private keys.
Or shall ThomasV now reimburse everyone who publicly posts his seed which results in funds getting stolen ? I don't think so.


So.. i see 3 possibilities:
1) Binance indeed head a security breach and feels responsible
2) This is some sort of 'hackers stole money' - tax fraud from binance
3) Binance is just plain stupid for covering the losses caused by the victims

In order to negate bad press, and to ensure that people will keep patronizing them. Also, the SAFU fund does not specify which 'extreme cases' is it talking about, so surely this does fall under Binance's terms for SAFU, because CZ already announced it.


1. Highly likely, as shrugging it off would make them look as if they aren't concerned for their customers' funds.
2. Could be, and a highly successful cover-up if you ask me.
3. They surely have thought this out with their legal counsel so this is out of the equation.

I answered a quetion in a different thread. A lot of thread has just created about Binance hack. So there is nothing you should afraid of now.

Yes Absolutely right, if binance chose to ignore this incidents on the basis that it was not their fault that peoples funds were stolen as a result of their carelessness, many won't see it that way, rather the blame will be on binance regardless whether they had something to do with the neglect or not, people always look for who to blame in their own mistakes, CZ is a business man, so he wouldn't want anything that will dent his business in the slightest.
i also saw a medium post in a telegram group about Justin Sun agreeing to deposit 7,000BTC on binance, though i didn't open to read details just the headlines, so can't say its authenticity.

Additional security measurements are not needed. You can create as much protecting mechanisms as you want.
If the people using them are too stupid to properly make use of it, it is completely useless.

People need to learn how to protect sensitive information. That's all which is needed. Making a X-factor-authentication is useless if people don't understand how to store the codes.
Same applies to password policies. A long and complex password is fine, but if he stores it in plain text on his windows XP.. that doesn't protect him.

Nothing is ever 100% safe , people need to realize this.  I still trust Binance compared to smaller exchanges since they are covering this loss.  Of course they really had no choice or they would lose all credibility.   Remember, not your keys not your coins!!

SAFU can easily take care of this problem and if ever there is still some gap then I think Binance can also take a dip at their own funds. I think that Binance is a well-managed business and they are always prepared for the worst so this is just a little bit setback for them.

I have been intrigued with that SAFU term actually and it is just now I realized what it means and how it became the substitute for the word "safe" just like the story of the world "hodl" which is really popular.

I don't believe anyone who suggest Binance can help themselve with the amount as huge as 40m, they have no idea what will come next. Do you think 40m is very small for Bitmain too? I think they're going to fire a lot of staffs, starving for a long time, or even need to torture themselve for some petty stuff. Downsizing their operation, and even cutting down on security expense, I personally don't want to see it coming, Binance has a lot to do but a financial set back going to hurt them badly. I believe Binance are not as huge as bitmain and they certainly can't afford the 40m loss. Btw most hackers would have preferred Binance to just take the loss and move on, and I vowed to make the life harder for them. The entire crypto sphere are coming to a complete halt because of some naughty hackers decide to flip it upside down. It's not even funny to begin with. And I believe this hackers are hired by some notorious pundits, just like some bad guy in the movie the big short.

Justin Son only said he is going to support binance by depositing 7,000BtC and buying some BNB and some other coins, it's just a solidarity move borne out of his love for the exchange and the community in general. This on the part of Son is commendable looking at the contribution of Binance to Cryptocurrency.

CZ said it will be refunded by SAFU and Justin doesn't need to do it

I don't think so, if the binance staffs come out clean there will be no need firing them as I have been following up from CZ twitter handle all those who pledge support, donations have been asked by CZ to donate such found to charity and that the is a mechanism being design to take care of this loses. 7,000 bitcoins is really a huge amount but I believe binance will come out strong.

I would love to think positively, of course everyone would love to be free of troubles, but what do we have in the past? Did bitfinex and Mt Gox taught us something that we don't know? I think Mark Kerpeles are a spoilt brat, that's he deserve what he have today, but CZ are now in the deep shit as close as Mark Kerpeles, I'm not going to wish him the worse, and well when its about money, we don't really want to forgive anyone, we can go as far as putting the innocent to the jail, this is the risk CZ may be facing, unless he could come out with the money to shut everyone up. And for Binance which is a very big exchange by volume and money traded, I think they're dealing in millions to billions trades everyday, and it is almost certain these are some of the elite in the crypto who trade in the exchange, and these elite aren't so forgiveful when it come to money, they are most likely calling their lawyers right now preparing to bring the exchange down at the right time.

I found this "hacking" case suspicious. Does this really happen? I mean who knows? Binance could use 7,000 BTC from SAFU for a pump and dump scheme similar to BTT case.

What we know is that they need a lot of BTC and one way to get it is from their own stash.

I am sure Binance can handle that because 7000 is not too big for them. And if Justin Son wants to help them, then I think that will be great for Binance because that will makes traders not to worry because of the hacking news.
Let's wait for the next news from them, and we could hope that it will be good news for us because I think they are now still trying to fix the problem to make sure that it is not happening again in the future.

Actually it is good that they have a safu and paying back to people but on the other hand i would prefer safu fund would be there but never needed to use. Because that fund has a limit and if a bigger hack like instead %2 of the btc, %100 of the btc hacked, that fund would only cover some part of the hack.

And just read an analyze that binance would recover 40m $ in around 45 days. So it is not a huge blow for them financially but a huge blow for them in trust. We still don't know the details of the hack and i believe we need to know. Regardless i will withdraw my btc after withdrawal is open and i will only use binance for trade, not holding anything just because it is convenient.

Yeah, your funds are SAFU!!!
Sleep easy, CZ says all the money are SAFU!

You realize this comes from a guy that was denying the FSA has ordered them to cease operation in Japan and at the same time, he was packing his stuff to Malta while claiming on twitter everything was SAFU?

Yeah, keep believing an exchange that runs from a country in which it can't obey the rules to protect is customers funds to an offshore paradise is the safest place to keep your money and is exempt from going bankrupt by a theft  ;D

I hate to fix your maths, but please be realistic, Binance are losing $40m to the hackers alone, and they are going to fork out the loss to compensate the users, another $40m gone from the SAFU, add it up and it's a whopping $80m of loss they're facing!! Compare to the bitmain quarterly loss of $500m which is one off event, Binance are having a two off capital loss!! And tell me Binance could afford the loss again? I think bitmain need to go full retard and undergo a large scale firing squad, I don't think Binance could be so lucky. Feel free to fix my maths.

Don't try to fix something that is not broken.
A guy steals from the cashier 20$, he goes to another one, buys beers for 15$, gets 5$ back. How much did the store lose, 20, 35, or 40?

If the 40 million were stolen from user's funds Binance didn't lose a single penny till they said they will compensate the users.
If the 40 million were stolen from Binance funds it makes no sense for Binance to compensate themselves, right?  ;D

More importantly it comes from a guy that was telling people that they have unscheduled maintenance going on and funds are safu while his staff was running around in panic looking for missing millions of dollars in BTC. I wouldn't trust anything he says!

They should hire someone to run PR because the CEO has no idea how to do it but he's too proud to admit it.

Justin sun wanted to deposit 40 Million USDT in Binance, I don't think that was a donation. Because he wanted to buy BTT, TRX, BNB coin through that big amount of money. Then Binance CEO CZ confirmed about the safu and thanked Justin sun and QKC coin! Binance is the number one exchange according to real volume and they have own coin which is very big already and their community is the best among all of the exchanges! So, Binance has tons of money in the safu I think. And those safu fund stored in BTC, not in BNB as far as I know

Well from the news i read about a day or two ago, i learnt CZ would refund all the stolen bitcoins from the SAFU fund. This generosity from CZ has to be applauded as many exchanges have been hacked but have never refunded users before. Good job CZ

Agree with you, No keys not your coins. 7000 bitcoins is not a big loss for binance but there is a big challenge for binance team.
Now they should be more alert and more secure their exchange and make it better than before.
Anyway users are safu, their funds are in safu platform.  ::)

By the context you're correct, and I'm trying to be very picky here, and I choose the term "SAFU" fund, in accounting, money need to be credited from something, it can't be nothing like air, or like a Federal Reserve scam, I think it is wise to credit all the fund directly from the SAFU, crediting stolen fund and reimbursement directly from the SAFU, that's a whopping $80m! From the SAFU! I don't know they could have so much fund from the SAFU, they could be very wealthy?

You don't understand, the lost money is not from Binance's own pocket.
Those where user funds, at the moment of the hack Binance as a company or a business didn't lose anything, their balance was still zero what went missing were the user funds.

So previously the balance was:
hackers 0  / customers 100 million/ binance 70 million (I put 100/70) as an example, randomly)
After the hack:
hackers 40 million / customers 60 million / binance 70 millions
After SAFU deployed:
hackers 40 million / customers 100 million / binance 30 million

In your example is like you lose 40$ from your wallet on a bus, then you go to an ATM, pull 40$ to replace the 40$ and you end up saying you lost 80$ :P

Look at this, everyone think $40m isn't sound like a big deal. And when I try to double it to, say $80m, suddenly, everything changed, it feel like a lot of money to them, because why? People have selective sensitivity toward the money. Of course, all thank to the Pavlov dog training we have all over the social network trying to make us feel $40m is just a small peanut, but a $80m will effectively pull them out from dream into the reality. And I'm using it purposely, to wake them up, to see clearly what are they looking at. Btw I'm truly appreciate you to took your time to point out the mistakes, I could have make a better prank next time. Also I'm very skeptical that how Binance could make $40m within 45 days alone from trading fee, I think it is a lot more exaggerating than doubling the $40m, and many will still fall for it.

Looks Mathematics is not for everyone  ;D
You made a very good explanation and i am not sure why @Broly46 was having a very hard time to understand the basics.
The prank or whatever it is, was a complete fail.

Of course I would love to know the maths behind the making of $40m within 45 days, because it is certainly jaw dropping money making velocity, I think Satoshi wealth could be second to Binance anytime.

Pretty close. $1,100 billion according to this list of crypto billionaires if BTC goes subatomic.
https://bitcointalk.org/index.php?topic=5141611

That will make all of us millionaires too, I couldn't be more happier than that, and it will fix all the world's problem too. And OMG, $250,000 sound like a long way to go, that's 41x from the price $6000. I don't know how to do a maths anymore.

SAFU fits in the category of Binance's own funds. They are not obligated to actually allocate them to hacks and whatnot, it's just what they promised, but we have seen many exchanges break their promises before.

I wonder how much Binance has sitting in its SAFU fund, and whether or not a part of it is sitting in altcoins that need to be converted to Bitcoin. Maybe they have already been selling alts to Bitcoin in the last few days.

If they want to recoup their $40 million loss they are better off launching a few more IEOs because these are the real money makers for them, or list some random shitcoins and tokens for an exorbitant fee.

it's a very unfortunate exchange like Binance to faced major security branch i hope next time binance won't happen these kinds of hack

 :) If you are not so much, then there is a very nice thing. What SAFU means Secure Asset Fund for Users is this. This is a security issue for every company and Big Excenger Through this, investors will get the security of their capital.

As far as I know there's no document whatsoever about this so called SAFU funds from Binance, so we don't know how much funds they have sit in there.

I'm assuming that it will come to the trading fees so it will be huge and enough to cover that $40 millions they have lost from the hacked.

If there is such a secure asset fund then why was there something put out with binance looking to cashout a large amount of tether in exchange for bitcoin? :-\
Looks like they are trying to recoup as much as the BTC7000 with offsetting other assets on their own exchange.

In fact, it was finally confirmed that using the SAFU
This is definitely a good thing, and it increases the trust in the platform, even if you are exposed to the hackers (as they said), but the situation was controlled and nobody lost

Binance got hacked over 7000BTC+ (40 million USD) and they confirmed about SAFU Fund check out here https://www.binance.vision/glossary/secure-asset-fund-for-users this binance and i trust for their such intention.
But any user fund didn't affected in this hacked.

really, I think binance has prepared a solution for the possibilities that will occur, the statement can be seen in the tweet.
https://twitter.com/cz_binance/status/1126469393204924416

Binance is so calm about dealing with this hacking problem, in my opinion they have been prepared in advance to deal with this problem. salute them, hopefully no user is harmed there.

That’s true, so Binance is still a good exchange to work for because they carry all the mistakes and they are making their system more secured. Sometimes bad things will happen to you, and how you handle that can make you a better one, and binance is doing it right.