Binance to Recover Stolen $73 Million in Cryptocurrency in 2024

Binance’s security team has been very active in the first half of 2024. According to the exchange, its security team has successfully recovered or frozen over $73 million in funds stolen by hackers as of July 31 of this year.

The amount is already around 40% higher than the US$55 million recovered in the whole of 2023. This statistic shows that hackers are more active this year, but that Binance continues to apply security efforts to combat their activities.

As Binance explained, the goal is to work closely with the public sector to ensure that affected users receive the necessary assistance. About 80% of these recoveries and freezes are linked to external hacks, exploits, and thefts. The remaining 20% ​​involve scams that occur outside of the Binance platform.

“Binance has cultivated a user-centric crypto culture that defines every aspect of our operations. This achievement underscores our unwavering dedication to protecting not only our users but also improving the overall security of the crypto ecosystem,” said Jimmy Su, Chief Security Officer at Binance.

Binance focuses on combating hackers

Market growth and volatility, as seen in recent months, often bring new investors looking to take advantage of profits. But because they are inexperienced, many of them still don’t know the basic safety rules when investing in cryptocurrencies.

As a result, they may be more susceptible to scams and hacker attacks, and the rise in cryptocurrency prices could make these attacks even more damaging.

On the other hand, even experienced investors can fall for scams. And the Binance added that the increase in recovered and frozen funds this year does not signal an increase in criminal activity within the industry; instead, it reflects the cryptocurrency exchange’s proactive security efforts.

According to Chainalysis’ 2024 Crypto Crime Report, the amount received by cryptocurrency asset addresses from illicit sources fell to $24.2 billion in 2023, down from $39.6 billion in 2022.

The share of cryptocurrency transaction volume linked to illicit activities also decreased: it was 0.42% in 2022, but fell to 0.34% last year.