Binance Recovers $73 Million in Stolen Crypto Funds

Binance has successfully recovered or frozen over $73 million in user funds from external hacks as of July 31, 2024, surpassing the $55 million recovered in all of 2023.

Enhanced Security Measures by Binance

Binance has worked closely with the public sector to assist affected users. Approximately 80% of the recovered or frozen funds are linked to external hacks, exploits, and thefts, while the remaining 20% involve scams outside the Binance platform.

In a tweet, IBC Group Official praised Binance’s efforts, highlighting that the company is setting a new benchmark for security in the crypto industry by recovering over $73 million in stolen funds this year, exceeding last year’s total of $55 million.

Binance's Big Win: $73 Million in Stolen Crypto Recovered!

Binance is setting the standard for security in crypto, recovering over $73 million in stolen funds so far this year, surpassing 2023's total of $55 million!

This is a game-changer, especially for the 80% of funds… pic.twitter.com/dmjVD0WyYb

— IBC Group Official (@ibcgroupio) August 10, 2024

Jimmy Su, Chief Security Officer at Binance, stated:

“Binance has cultivated a crypto user-focused culture that defines every aspect of our operations. This achievement underscores our unwavering dedication to protecting not just our users, but also enhancing the overall security of the cryptocurrency ecosystem.”

Su highlighted that Binance’s expanded collaboration with third-party services has improved their ability to track and recover stolen funds. The increase in recovered funds this year does not indicate a rise in criminal activity within the industry; rather, it reflects Binance’s proactive security measures.

The transparency of blockchain technology, with its public and traceable transactions, aids in tracking and recovering funds, making it easier to identify and monitor suspicious activities.

Decline in Crypto Crime

The 2024 Crypto Crime Report by Chainalysis shows that the value received by illicit crypto asset addresses fell significantly to $24.2 billion in 2023, down from $39.6 billion in 2022. The share of crypto transaction volume associated with illicit activities decreased to 0.34% from 0.42% the previous year.
Binance attributes this decline to the effectiveness of proactive security measures. The company’s commitment to user safety and the integrity of the cryptocurrency ecosystem has played a crucial role in reducing the impact of crypto-related crimes.

Make money without lifting your fingers: Start using a world-class auto trading solution.

LonghornFX, your trusted Partner in CFDs, Cryptocurrencies and Stocks.