Binance Security Team Recovers $73 Million in Stolen Crypto Funds This Year

Crypto exchange Binance’s security team has recovered or frozen over $73 million in stolen user funds so far this year, surpassing the $55 million recovered in 2023. This achievement highlights the company’s commitment to improving cryptocurrency security.

Binance Recovers $73 Million in Stolen User Funds

Crypto exchange Binance announced on Wednesday that its security team has successfully recovered or frozen over $73 million in user funds stolen from external parties between Jan. 1 and July 31 this year. This milestone surpasses the $55 million secured throughout the entirety of 2023. Binance detailed:

Through proactive efforts to support Web3 users and collaborate with industry peers, we have been successful in helping users recover misplaced and lost digital assets, as well as freezing and clawing back ill-gotten funds that have made their way to the Binance platform.

Binance’s Chief Security Officer, Jimmy Su, highlighted the company’s commitment to user protection and improving the security of the cryptocurrency ecosystem, leveraging blockchain technology to track and recover stolen funds.

The crypto exchange noted:

The vast majority of these recoveries and freezes — approximately 80% — are related to hacks, exploits, and thefts happening externally. The remaining 20% are associated with scams taking place outside the Binance platform.

Su attributed this success to Binance’s user-focused culture and proactive security measures. He noted that blockchain technology plays a crucial role in tracing and recovering stolen funds, which aids in creating a more secure investment environment. This proactive approach has led to significant progress in the fight against financial crime in the cryptocurrency industry.

What do you think about Binance’s efforts in recovering stolen funds and enhancing cryptocurrency security? Let us know in the comments section below.

Tags in this story

Binance, Binance platform, Blockchain, Crypto, Cryptocurrency, Digital Assets, Financial crime, Funds, Hacks, recovery, Scams, Security, thefts, Web3

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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