"There are no plans to resume operations of the Bitcoin exchange operated by Mt. Gox at this time," the company’s trustee told creditors. So far in its short history, Binance proved its security level, youtu.be and even when a minor hack took place, the SAFU insurance fund of the exchange compensated the exchange users, so all funds were covered. Enhanced security and SAFU insurance: Just like any major exchange, Binance is a hot target for hackers. According to Upbit’s website, on November 27, hackers had stolen $49 Mn worth of Ethereum from its hot wallet. The customers need to store their cryptocurrencies in a multi-signature wallet of BitGo, which will provide an end to end double authentication security solution to the customer.
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