Crypto Taking Control: How are Binance and HUH Token (HUH) Ensuring Consumer Protection?

When examining potential cryptocurrencies to invest in, subconsciously or consciously, we all have a specific set of criteria that we need our options to fulfil. These tend to be factors like fees, rewards, its prospects and volatility – we prioritise what we'll gain in the long run. But as it's been feeling like crypto heists are hitting the headlines about every week, investors are beginning to incorporate security into their investment criteria.

HUH anticipates a well-balanced and powerful alliance, community, and security committee.

Scammers took a colossal $14 billion worth of crypto in 2021. From 2020 to 2021, losses from crypto-related crime increased by 79%. Crypto theft surged 516% from 2020 to $3.2 billion in value. That equates to $10 million worth of crypto being stolen everyday! These numbers have left investors growing worried about how secure their funds are. As crypto assets are largely unregulated, they're not provided with the same protections as consumers' money in banks, building societies, or credit unions – meaning once it's gone, it's gone.

Binance are aiming to change that narrative through their recent announcement of their $1 billion insurance fund, which was built to compensate users in the event of a hack. Through the insurance fund, Binance is taking a somewhat alternative approach to consumer protection. By reassuring their users that stolen funds will be reimbursed, the platform acknowledges that efforts to maximize security might not be enough to prevent hacking.

Binance are aiming to change that narrative through their recent announcement of their $1 billion insurance fund.

According to a press statement, the exchange has been setting aside funds to protect consumers' interests since 2018 and has now consolidated these funds into one location. Binance pledged 10% of all trading fees to the Secure Asset Fund for Users (SAFU) when it was founded in order to develop it to a substantial size and protect users' interests.

Binance, which is one of the first exchanges to take such measures, has encouraged other exchanges to follow suit. In a move to foster transparency, the exchange also provided two wallet addresses where users and the general public can track the funds' movements.

Although exchanges are the most at risk for hacking, some investors argue that cryptocurrencies should begin taking similar precautions. Last month, Solana (SOL) suffered another DDoS attack, temporarily slowing the network's speed. Had the attack hit the crypto any harder, it could have resulted in financial losses. Consequently, SOL fell 13%. Moreover, the transaction security of Litecoin (LTC) has been questioned. For example, because Litecoin (LTC) contains a fraction of Bitcoin's (BTC) total hashrate, it's more vulnerable to 51% of attacks.

Exchanges are the most at risk for hacking, some investors argue that cryptocurrencies should begin taking similar precautions.

Newcomer HUH Token (HUH) appears to be addressing these weaknesses by implementing advanced security protocol. HUH has already proved popular in the crypto community, having exploded 6000% within weeks of its launch as well as onboarding hundreds of influencers in anticipation of its metaverse, the MetHUH.

HUH recently announced that they're working on implementing Lock IDs for users. Additionally, as a successful technique to ensure robust liquidity at all times, HUH issues initial liquidity in the form of 'LP tokens,' which are locked for two years. DxLock will instead serve as a third-party facilitator, ensuring that all LP tokens are kept safe and secure. Every trade generates LP tokens, which are locked on transactions using PancakeSwap exchange solutions. These instruments reduce volatility and thereby increase stability, especially when large-scale transactions are involved.

On a yearly basis, smart contract audits are scheduled. Three audits of security, blockchain, and smart contracts have already been completed. Certik, Solidity.Finance, and ShellBox are a few examples. In addition, HUH is committed to keeping a bug bounty campaign active and healthy at all times in order to explore the search space and quickly and reliably eliminate potential vulnerabilities. The HUH security committee is in charge of token protection.

HUH recently announced that they're working on implementing Lock IDs for users.

All security reports brought to the attention of the security committee must be responded to appropriately. It has the authority to intervene dramatically in policies being implemented by the executive team in order to ensure that security is not compromised. The community plays a critical role in searching for potential weaknesses and selecting suggestions collectively. HUH anticipates a well-balanced and powerful alliance, community, and security committee.

Will crypto that can't guarantee its holders security be able to compete in the market?

For more information visit:

Buy On HUH Website- https://swap.huh.social/

Buy On PancakeSwap: https://pancakeswap.finance/

Buy On Uniswap: https://app.uniswap.org/#/swap

Website: https://huh.social/

Telegram: https://t.me/HUHTOKEN

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