Binance Recovers $1 Trillion in Stolen User Funds Throughout 2024

Todaysgist.com, Jakarta Chinese crypto exchange Binance announced that its security team has successfully recovered or frozen more than USD 73 million (Rp. 1.1 trillion) in user funds stolen from external parties between January 1 and July 31, 2024.

Quoting News.bitcoin.com, Sunday (11/8/2024) this achievement marked an increase in the USD 55 million (Rp. 875.9 billion) funds secured throughout 2023.

“Through proactive efforts to support Web3 users and collaboration with industry peers, we have successfully helped users recover misplaced and lost digital assets, as well as freeze and reclaim ill-gotten funds that had entered the Binance platform,” the company said in a statement regarding the recovery of the funds.

Binance Head of Security Jimmy Su highlighted the company’s commitment to protecting users and enhancing the security of the cryptocurrency ecosystem, leveraging blockchain technology to trace and recover stolen funds.

The vast majority of these recoveries and freezes, around 80%, are related to hacks, exploits, and thefts that occurred externally. The remaining 20% ​​are related to fraud that occurred outside of the Binance platform.

Su attributes this success to Binance’s user-focused culture and proactive security measures.

He noted that blockchain technology plays a vital role in tracking and recovering stolen funds, which helps create a safer investment environment.

This proactive approach has resulted in significant progress in combating financial crime in the cryptocurrency industry.

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