Binance immediately took action to support other industry players and users; as the crypto market saw a huge influx of new users investing, this figure has exceeded the total of 2023.
Dubai, August 8, 2024 – Binance, the leading blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, is proud to announce that as of July 31 this year, the Binance security team has More than $73 million in user funds have been recovered or otherwise frozen, exceeding the total for all of 2023, which was about $55 million.
By actively assisting and collaborating with other industry participants and users within the company, Binance has successfully helped users recover misdirected and lost digital assets, and freeze and recover these ill-gotten gains when they enter the Binance platform. . Binance is also working closely with public authorities to ensure affected users get the help they need. About 80% of the vast majority of these recovered and frozen assets are related to hacks, breaches, and thefts that occurred externally. Meanwhile, the remaining 20% is related to scams occurring outside the Binance platform.
Jimmy Su, Chief Security Officer of Binance, said: “Binance has cultivated a crypto user-centric culture that defines every aspect of our operations. This achievement highlights our undying dedication to not only protecting our users, but also to improve the overall security of the cryptoasset ecosystem. As observed in recent months, market growth and volatility often bring an influx of new investors, who may be more vulnerable to scams and hacks. And price increases during this period could lead to greater monetary losses."
“At Binance, we are proactive and committed to making the ecosystem more secure. By expanding the scope of our partnerships to include more third-party services, we achieve greater coverage in tracking and recovering stolen assets. Our efforts and record of success demonstrate our commitment to protecting users and creating a more secure encryption environment, and we thank our teams and partners for their hard work and efforts in this area,” continued Jimmy.
The increase in recovered and frozen funds this year does not represent an increase in criminal activity in the industry, but is the result of Binance’s proactive security measures. The nature of blockchain makes all transactions public and traceable, making it easier to track and recover funds. With this public record, potentially suspicious activity can be more easily identified and monitored.
“Blockchain technology provides us with a powerful tool to collect the necessary evidence and take action against fraudsters, paving the way for a safer investment environment. While it is important to remain cautious and do thorough research, please be assured that The unique attributes of blockchain technology are beneficial to the industry in combating fraud,” Jimmy shared.
According to Chainalysis’s 2024 Crypto Crime Report, assets received by illicit crypto asset addresses dropped significantly in 2023, totaling $24.2 billion, down from $39.6 billion in 2022. The share of all crypto trading volume related to illegal activity also fell to 0.34% from 0.42% in 2022. This reduction highlights the effectiveness of proactive security measures in the industry, and Binance is proud to be at the forefront of these efforts.
This article Binance protects over $73 million in funds stolen from external parties first appeared on Chain News ABMedia.
