Crypto exchange Bitunix said it has increased its user protection fund, known as the Care Fund, from 30 million USDC to 50 million USDC to handle emergency situations. The exchange said the fund now covers the full value of its hot wallet assets and that it has published a new on-chain address for the reserve to improve transparency.
Bitunix described the fund as part of its broader asset protection framework. It said the reserve is intended to support compensation in unexpected incidents that require an exchange-level response, with payouts to be assessed case by case based on the nature of the event and the outcome of related investigations.
The company also said it works with third-party custody providers including Fireblocks and Cobo, and uses MPC technology together with cold storage to protect user assets. The update was carried by Techub News, citing BeInCrypto.
Crypto exchange Bitunix said it has increased its user protection fund, the Care Fund, from 30 million USDC to 50 million USDC to respond to emergency situations.
Fund increased to 50 million USDC
Bitunix said the fund now covers the full value of all of its hot wallet assets. The exchange also disclosed a new on-chain address for the fund, saying the move is meant to improve reserve transparency.
Part of the exchange's asset protection framework
According to Bitunix, the Care Fund is one part of its asset protection system and is designed to provide compensation support for unexpected incidents that require an exchange-level response. Any compensation will be assessed on a case-by-case basis, depending on the specific event and the findings of related investigations.
Custody and security setup
Bitunix also said it works with third-party custody providers including Fireblocks and Cobo, and uses MPC technology and cold storage to safeguard user assets.
The item was published by Techub News and attributed to BeInCrypto.
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