What is #SAFU
SAFU is an acronym for "Secure Asset Fund for Users", a safety net created by the Binance platform to protect users' funds in emergencies, such as hacks or security breaches. You can think of it as an emergency piggy bank in the world of cryptocurrency.
The funny thing? This term didn't originate from a board meeting, but from a meme. In 2018, Changpeng Zhao (CZ), the then-CEO of Binance, tweeted: "Funds are safe" during maintenance.
A YouTube user turned this video into a quickly spreading video titled "Funds are safe". Thus, these memes turned into a movement.
Binance took advantage of the joke and turned it into something serious, enhancing trust while keeping a touch of humor in the cryptocurrency world.
Interestingly, Changpeng Zhao adopted the phrase "SAFU" in later social media posts.
