On September 26th, Justin Sun, the global advisor of HTX, announced that the exchange had established a Safe Asset Fund for Users (SAFU) to compensate for losses resulting from security platform issues. At the same time, they deployed real-time monitoring mechanisms to prevent such losses.
This move came right after the exchange fell victim to a hacker attack, resulting in a loss of $7.9 million on September 24th. SAFU functions as a financial safety net designed to reimburse investors in case they suffer unexpected asset losses due to hacking or other unforeseen incidents on the cryptocurrency exchange.
However, Justin Sun did not provide specific details about the fund. In addition to launching the new fund, the Tron founder emphasized HTX’s security measures in a social media post. He stated that the exchange “always prioritizes user asset security.”
“Our multi-signature, multi-backup cold wallet system ensures 100% security… Security is our top commitment, and we will continually update and reiterate security measures to ensure that users’ assets are the safest in the industry.” – Justin Sun, Global Advisor of HTX
According to data from DeFillama, HTX currently holds digital assets valued at around $2.77 billion, including Tron (TRX), Bitcoin (BTC), Ethereum, and various other altcoins.