The world's leading cryptocurrency exchange has updated its insurance fund, which is now valued at $1 billion.
Binance’s Secure Asset Fund for Users Now Valued at $1 BillionThe world’s leading cryptocurrency exchange has updated its insurance fund, which is now valued at $1 billion.
A few years after launching the Secure Asset Fund for Users initiative, Binance has updated it, and its value rose to $1 billion. This comes amid the growing number of hacks and security breaches in the cryptocurrency industry.from the company described the product as an “emergency insurance fund” established by the exchange in the middle of 2018 to “protect users’ interests.
The statement also explained that the exchange will continue to monitor the size and development of the fund to ensure that it remains “adequate to protect users’ interest.” While decentralized exchanges are typically the most preferred platforms for hackers to exploit, centralized trading venues have also seen their fair share of security breaches.
CryptoCom was the latest example, with attackers swiping $34 million worth of digital assets. However, the company
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