Binance has successfully recovered over $73 million in stolen funds, marking a significant 30% improvement compared to 2023. This milestone is contributing to the stabilization of BNB's price above the $500 mark, potentially supporting a prolonged recovery for the cryptocurrency.
BNB Price Rises Following Recovery of Stolen Funds
On Monday, BNB saw a 2.6% increase, trading at $516 during the U.S. session. This uptick coincided with Bitcoin's attempt to reclaim the $60,000 level amid reduced selling pressure over the weekend. Alongside a broader market recovery, Binance Coin (BNB) has shown firm stability above $500, boosted by Binance's success in recovering millions of dollars in stolen user funds.
Binance's Security Efforts Pay Off
Binance recently announced that its security team had recovered or frozen over $73 million in user funds from external hacks between January and July 2024. This represents a 30% increase from the $55 million secured throughout 2023. Following this update, BNB's price demonstrated sustained strength above the critical $500 psychological level.
Jimmy Su, Binance’s Chief Security Officer, credited this success to the exchange's proactive security measures, collaboration with law enforcement, and the transparency and traceability of blockchain technology. He noted that market growth and volatility often bring in new investors who may be more vulnerable to scams and hacks, leading to larger monetary losses during these periods.
The majority of the recovered or frozen assets—approximately 80%—were linked to hacks, exploits, and thefts that occurred outside the Binance platform. The remaining 20% involved scams that happened externally but impacted Binance users.
While crypto fraud continues to be a major challenge for legitimate users and service providers, Binance's recent success in recovering stolen funds could enhance positive sentiment towards the exchange and its native cryptocurrency, BNB.
BNB Price Hints at Bullish Reversal Within Megaphone Pattern
BNB's price recently rebounded from $458 to $506, marking a 9.6% increase. Analysis of the daily chart suggests this rebound could signal the start of a fresh bullish cycle within a broadening wedge or megaphone pattern.
This chart pattern, characterized by two diverging trendlines, typically indicates market uncertainty, with neither buyers nor sellers having a clear advantage. The recent bounce from the lower trendline supports the potential for an 18% rise, targeting strong resistance at $605.
However, BNB faces multiple overhead resistances up to $555 due to the cluster of daily Exponential Moving Averages (20, 50, 100, and 200). A reversal from this resistance level could lead to a 14% decline, potentially pushing BNB down to the $440 level.
Overall, while BNB shows signs of bullish momentum, traders should remain cautious of potential resistance levels that could impact the coin's short-term trajectory.
Notice:
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