Tag Archives: Binance

Binance’s emergency insurance fund is largely comprised of a cryptocurrency tied to the company itself, according to on-chain data.  The two addresses associated with the fund show that its BNB tokens account for 44% of its reserves.  The Wrong Type of Insurance? As shared by on-chain analyst Willy Woo on Twitter, the Secure Asset Fund for Users (SAFU) includes $367 million worth of BNB. The remainder is made up of Binance’s dollar-pegged stablecoin BUSD ($300 million) and...

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The collapse of crypto exchange FTX appears to have sparked surging sales for self-custodial crypto wallets which give users direct ownership of their coins.  SafePal, a Binance-backed crypto wallet brand, has experienced a 10x surge in traffic to its platform since November 11th, and its hardware wallet has made record sales within that time.  SafePal surpassed over 7 million users over the past 6 months, with pronounced gains in November. In a statement shared with...

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The first twelve days of November were perhaps the darkest for 30-year-old Sam Bankman-Fried (SBF), as he not only lost his crypto empire but went from being a Bitcoin billionaire and crypto’s white knight to filing for bankruptcy and owing customers at least $3 billion. The next eight days revealed that SBF’s once-powerful crypto exchange FTX was not what everyone believed it to be. Here’s the timeline of the events that led to the fall of FTX in the last 20 days. The...

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