SAFU is frequently used within crypto circles in place of the word “safe”. It is often used with the expression “Funds are Safu” after a popular YouTube video went viral. Later, Binance, the largest crypto exchange, launched a fund to insure its users’ crypto assets in case of a hack. They called the fund SAFU (Secure Asset Fund for Users) to capitalize on the meme’s virality. The fund sets aside 10% of the fees it generates from trading to create a safety fund for users in case of a hack. You learn more about SAFU as an expression in crypto below.
How did the term SAFU come about?
In May 2018, the CEO of Binance, Changpeng Zhao (CZ), tweeted that funds were safe after a brief blackout on the exchange due to scheduled maintenance.
Shortly after, content creator Bizonacci released a funny video (scroll down to view it) using the expression, “Funds are Safe” except the voice is in a Japanese accent in a similar vein to how the Shiba Inu Dogecoin mascot mispronounces English words.
In the video, the voice says “Fundus are Safu”.
You can listen to the exact part where SAFU is pronounced here:
The crypto community found the YouTube video amusing and the expression caught on.
The video shows a crypto degen worrying about using his funds and then it shows CZ’s tweet and a voice announcing that “Fundus are Safu” in the background.
As the video progresses the world and then the entire universe are destroyed but the voice keeps announcing that “fundus are safu”.
You can watch the original viral video from the official Bizonnaci YouTube channel below:
Example Usage of the term SAFU
Here are some examples of how you could use the term
- Use a hashtag. For example, “Trade on xyz exchange” #safu #xyz”
- Using it instead of the word “safe”. For example, “And remember, stay safu out there”
- Use it to convey that the funds are safe. “We had a breach but the problem was solved and all funds are safu now”.
- “Always remember to keep your private keys offline to keep your investments SAFU.”
- “I heard about that new exchange; they claim to have the best SAFU practices in the industry.”
- “Don’t fall for phishing scams or shady projects; it’s crucial to stay SAFU in this wild crypto world.”
- “If you’re not sure about a wallet or exchange, do your research to ensure your assets are SAFU.”
- “I’m storing my crypto in a hardware wallet; it’s the SAFU-est way to protect my investments.”
- “On our exchange users’ funds are safu funds”
Below are some sample tweets using the term SAFU:
How SAFU became an actual thing
As the popularity of cryptocurrencies soared, so did the number of security breaches and hacking incidents within the cryptocurrency ecosystem.
These incidents led to the loss of millions of dollars worth of digital assets, raising concerns among investors about the safety of their funds
In response to these challenges, Binance launched its SAFU emergency fund to cover potential losses in case of security breaches, hacking incidents, or other unforeseen events.
By allocating 10% of trading fees to this fund, Binance ensures that users’ assets remain protected and can be reimbursed in case of any unfortunate incidents.
Binance stores these funds in a separate cold wallet for extra security. A cold wallet is not connected to the internet and hence it is much harder to breach.
This initiative plays a pivotal role in building trust and confidence among investors and crypto traders, thus contributing to the growth and adoption of cryptocurrencies.
And of course, it makes great PR for the Binance exchange.
At the time of writing, there is more than $1Bn worth of assets in Binance’s SAFU fund.
Within the crypto industry, only a handful of cryptocurrency exchanges offer an insurance policy against losing user funds.
Safu-Proofing Your Investments: Strategies to Ensure Financial Security in Crypto
As a crypto investor, it is essential to take proactive measures to safeguard your investments. While SAFU initiatives provide a layer of protection, individual responsibility toward security is equally important. Here are some strategies to “safu-proof” your investments:
- Choose Trusted Exchanges: Opt for reputable crypto exchanges with a proven track record for security. Research and verify the security protocols implemented by the exchanges before depositing funds.
- Enable Two-Factor Authentication (2FA): Implement 2FA on all your crypto accounts to add an extra layer of security. This typically involves using a mobile app to authenticate your login attempts.
- Utilize Hardware Wallets: Consider using hardware wallets, such as Ledger or Trezor, to store your crypto assets securely offline. Hardware wallets offer the highest level of protection since you are the only one with access to a seed phrase that allows you to access the account.
- Stay Informed: Stay updated with the latest security practices and news in the cryptocurrency space. Remain vigilant about potential scams or phishing attempts that could compromise your funds.
By following these strategies and adopting a proactive mindset towards security, you can maximize the safety of your investments in the crypto world.
Projects that have appropriated the term SAFU
Apart from Binance’s SAFU emergency insurance fund there are a bunch of crypto coins that have appropriated the term but none of them have seen tremendous success.
Here is a list of coins that use SAFU in their name.
- CEEZEE SAFU (SAFU)
- StaySAFU (SAFU)
- Safuu (SAFUU)
- EverSAFUv2 (ES2)
- BlockSAFU( BSAFU)
- SafuuGO (SGO)
- SafuYield Protocol (SAFUYIELD)
- SafuFide (SAFEST)
- EverSAFU (EVERSAFU)
- SafuTitano (SAFTI)
- Wallet SAFU (WSAFU)
- BabySafuuGO (BBSGO)
There are also 4 NFT projects that use the term. These are
- SafuuX Nodes
- LegendarySafuuClub (this is the largest collection with more than 2000 NFTs)
- SAFU Piggy token.
Other popular expressions that are also acronyms in crypto are
- HODL: Originally used when a drunk trader outlined in trading strategy to hold his bitcoin and misspelled the word. Later people adopted the term as an acronym for “Hold on for Dear Life”.
- DYOR: Do Your Own Research, as in “make sure you do your own due diligence when investing in crypto”.
- GM: Good Morning, an expression often used in the cryptocurrency community to indicate that things are going to go well.
You can read about some more crypto jargon below
- What does 100x mean in crypto?
- What does FOMO mean in crypto?
- What does Pegging mean?
- What is KYC in crypto?
- What is AMA crypto?
- What is ATH?
- What Does LFG Mean in Crypto and How Do You Use It?
- What Does Anon Mean in Crypto: Should People Stay Anonymous?
- What Is CT in Crypto: Your Best Guide to Crypto Twitter
- What does shill mean?
- What is a degen in crypto?
- What is WAGMI?
- What is doxxing?
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