[capableweb]

> I believe the acronym is SNAFU, not SAFU. :P

Different acronym :)

> Secure Asset Fund for Users

> A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.

[anonymouskimmer]

I didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).

[latchkey]

It is literally the first result in google.

The wallet addresses are linked on this page:

https://academy.binance.com/en/glossary/secure-asset-fund-fo...

[capableweb]

How can we be sure that what's in those wallets is 10% of what it should be rather than 1%? AFAIK, none of the documents from Binance are public, especially regarding their finances.

[latchkey]

Not sure I understand. WalletA has $300m BUSD and WalletB has $420m BTC. Both wallets are 'owned' by Binance. This is lower than the $1b funding on Jan 29th, 2022, but it is still a significant amount of "real" (if you believe crypto has value) funds. This is just an insurance fund that we are talking about here.

I think you're referring to the rest of Binance proof-of-reserves, which are here. Note, I fully realize this isn't perfect.

https://www.binance.com/en/proof-of-reserves

There is also some interesting compliance stuff going on in Ceffu.

https://www.binance.com/en/blog/ecosystem/ceffu-formerly-bin...

https://www.ceffu.com/blog/ceffus-core-solution-achieves-soc...

https://www.ceffu.com/blog/ceffu-obtains-cold-storage-insura...

[codetrotter]

I think what they mean is, how do we know that the money in these wallets correspond to 10% of all trading fees at Binance?

[latchkey]

I see, thanks for the correct clarification.

I believe that the OP was incorrect in their statement. It was originally allocated with 10%, not stated to be maintained at 10%.

https://cointelegraph.com/news/binance-tops-up-safu-fund-at-...

"Binance’s SAFU began in 2018 by allocating 10% of the trading fee into a fund that is solely dedicated to backing up user holdings in the case of an incident. In February of this year, the fund hit $1 billion for the first time."

[anonymouskimmer]

And another question is how do we know those wallets were funded with fees? We need to trust the accuracy of the proof of assets versus liabilities.