In an interview with Coindesk, Binance's CZ called crypto insurance a “flawed concept” and said Binance instead dedicates 10 percent of its $100 million in quarterly revenues to its internal “SAFU fund.”
When it comes to crypto insurance, underwriters are very strict with their underwriting and provide coverage to only companies found to have excellent security measures. Could it be that CZ is covering up the not-up-to-mark security measures in Binance by calling insurance a "flawed concept."?
Or maybe occasionally taking money out personally and calling it a hack lol
Probably you hit the nail on the head. That becomes non-taxable money in the pocket that could be splashed in Macau.
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