Introduction
They are known for their security measures, including 2FA and withdrawal limits. KuCoin also has a Safeguard program, a user-friendly feature that helps the company keep track of users’ activity. The program keeps track of users’ login times, IP addresses, and personal data without collecting any personal information from customers.
This allows KuCoin to identify suspicious activity on its platform and take appropriate action against it. They can use this information to help them improve their security measures and make sure that their users are safe from hacking attempts or other kinds of attacks.
KuCoin’s latest safeguard program is a new crypto-security token used to protect the exchange from malicious attacks. The Safeguard Token (SAFT) will be distributed to users of KuCoin’s platform in proportion to their holdings of KCS tokens, with the distribution being completed in a maximum of six months.
The Safeguard Token (SAFT) was created to protect KuCoin from potential security threats and ensure that the exchange continues its operations smoothly. By receiving SAFT, users can get priority support from KuCoin’s customer service team should there be any disputes regarding their accounts or trades on the exchange. SAFT holders will also receive priority access to new products, features, and services that KuCoin launches.
Tiers
The Kucoin safeguard program is a new initiative that allows investors to protect their assets in the event of a hack.
The program consists of two tiers: gold and platinum. Each level offers different features and benefits, but they both provide the same essential protection—the ability to freeze your funds in the event of a hack or theft.
The gold tier offers insurance coverage for up to USD 1 million worth of crypto assets, while the platinum tier provides coverage for up to USD 3 million value of crypto assets.
Trading Avenue
KuCoin is a cryptocurrency exchange with an aim for security and user experience. It was founded in 2017 by a group of blockchain enthusiasts who have extensive experience in the industry. KuCoin shares 90% of its trading revenue with users who hold KCS, the native token of the KuCoin crypto trading platform. They have now introduced a new safeguard program aimed at further improving the safety and security of all customers’ funds.
The team behind KuCoin has been working hard to ensure that their customers’ funds are always safe and secure. With this new safeguard program, they want to make sure that users will still be able to recover their funds quickly even if something goes wrong on their end.
Conclusion
KuCoin has announced a new program to help safeguard its users’ assets. The company is launching a “Secure Asset Fund for Users” (SAFU), which will store 15% of all trading fees collected by KuCoin to use as an emergency fund in a hack or other security breach.
The move comes after last year’s rise in bitcoin exchange hacks and subsequent market downturn, which saw the price of bitcoin drop from $19,000 to $5,900 within two months. The SAFU fund will be held in cold storage and regularly audited by a third-party company.
