Binance secured over $73 million in stolen funds from hackers in 2024

Binance has announced that its security team has successfully recovered or frozen more than $73 million in user funds from external hackers as of July 31 this year.

The latter number is on top of the roughly $55 million recovered through all of 2023.

Binance’s 2024 security efforts

According to the official press release shared with CryptoPotato, Binance stated that it was working closely with the public sector to ensure that affected users receive the necessary assistance. About 80% of these recoveries and freezes are related to external hacks, exploits and thefts, while the remaining 20% ​​involve scams that occur outside of the Binance platform.

Binance Chief Security Officer Jimmy Su said:

“Binance has cultivated a crypto user-centric culture that defines every aspect of our operations. This achievement highlights our unwavering dedication to protecting not only our users, but also improving the overall security of the ecosystem of cryptocurrency.

Market growth and volatility, as seen in recent months, often bring an influx of new investors who may be more susceptible to scams and hacks, and high prices during these periods can lead to further monetary losses. big”.

The executive noted that Binance’s decision to expand the collaboration to include more third-party services has resulted in greater coverage in tracking and recovering stolen funds.

Binance added that the increase in recovered and frozen funds this year does not indicate an increase in criminal activity within the sector; instead, it reflects the crypto exchange’s proactive security efforts. The transparency of blockchain technology, with its public and traceable transactions, facilitates the tracking and recovery of funds, making it easier to identify and track suspicious activity.

The share of crypto crimes fell to 0.34% in 2023

Chainalysis’ Crypto Crime 2024 report reveals that the value received by illicit crypto asset addresses fell sharply to $24.2 billion in 2023 from $39.6 billion in 2022. The share of transaction volume cryptocurrencies linked to illicit activities also decreased to 0.34% from 0.42% the previous year.

According to Binance, this decrease reflects the success of proactive security measures.

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