Binance retrieved $73 million in stolen funds by July 2024, surpassing last year's total.
Blockchain technology helped Binance track and recover stolen assets, enhancing security efforts.
Binance partnered with public sector entities and third-party services to boost fund recovery in 2024.
Blockchain Technology Enhances the Healing Process
Binance has used blockchain technology to track down and recover stolen funds. This technology is now required in order to find and follow stolen stuff. Moreover, it has enabled Binance to react quickly to fraudulent activities. The transparency of the blockchain has made it easier for the security team of the organization to monitor dubious transactions.
https://twitter.com/BinanceLATAM/status/1822300144718487897
Chief Security Officer of Binance Jimmy Su emphasized the use of blockchain technology in combating fraud. He said blockchain helps gather evidence and take action against scammers. This capability has improved Binance’s efforts to recover stolen assets and protect the cryptocurrency market.
Strong Partnerships Boost Fund Recovery
Besides using blockchain, Binance has worked closely with public sector entities to recover stolen funds. This collaboration has been crucial in protecting user assets. Most of the recovered funds were linked to external hacks and thefts, with the rest tied to scams outside the company's platform.
Binance has also partnered with third-party services to improve its ability to track and recover assets. These partnerships have been essential in increasing the recovery rate in 2024. Binance’s proactive approach to security has proven effective in reducing the risks of cryptocurrency investments.
Impact on the Cryptocurrency Industry
The cryptocurrency industry has seen a drop in illicit activities, partly due to efforts by different companies like Binance. The 2024 Crypto Crime Report by Chainalysis shows that the value received by illicit cryptocurrency addresses rose to $24.2 billion in 2023 from $39.6 billion in 2022.
The share of crypto transaction volume tied to illicit activity also declined during this time. This trend suggests that the sector's security measures are making a real difference. However, the question remains: Can the industry keep reducing illegal activities as it grows?
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