Binance Recovers $73 Million in Stolen Funds

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Binance has announced that its security team has successfully recovered or frozen over $73 million in funds stolen through various crypto hacks and scams. These funds, as of July 31, 2024, were connected to numerous external hacks that occurred across the crypto market.

Notably, about 80% of the recovered funds came from external hacks, thefts, and exploits, while the remaining 20% were linked to crypto scams. This year’s recovery total of $73 million already surpasses the $55 million that Binance’s security team managed to recover throughout the entire year of 2023.

immy Su, Binance’s chief security officer, emphasized the significance of their recent success in recovering stolen funds, stating, “This achievement underscores our unwavering dedication to protecting not just our users, but also enhancing the overall security of the cryptocurrency ecosystem.”

Su also highlighted the challenges that come with market growth and volatility.

He noted that periods of increased market activity often attract new investors, who may be more vulnerable to scams and hacks. Additionally, during these times, elevated prices can lead to larger financial losses.

Rising Crypto Security Concerns Amidst Binance’s Recovery Efforts

Binance has made significant strides in recovering stolen funds, securing a considerable amount in the first seven months of 2024. However, despite these efforts, the broader cryptocurrency industry continues to face serious security challenges.

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