Binance Security Team Surpasses $73 Million in Recovered Crypto Assets

• Binance has recovered or frozen over $73 million from crypto hacks and scams as of July 31, 2024, surpassing the $55 million recovered in 2023.
• 80% of the recovered funds are related to external hacks, with the remaining 20% from crypto scams, highlighting Binance’s robust security measures.
•  Despite recovery efforts, the cryptocurrency industry saw $572 million in losses from hacks and exploits in Q2 2024, with major incidents like the $305 million hack of DMM Bitcoin.

As of July 31, 2024, Binance, the world’s top cryptocurrency exchange reported that its security team has recovered or frozen over $73 million stolen during various crypto hacks and scams. 

This sum is higher than the amount recovered in 2023 which stood at $55 million thus marking a significant milestone for the company towards securing digital assets.

Out of all retrieved money, 80% was gotten through external hacking events while thefts or exploits took away another 20%. Jimmy Su who is the Chief Security Officer expressed his satisfaction with this accomplishment by saying; “This highlights our commitment not only towards safeguarding our customers but also making sure that we improve general security within the cryptosystem.”

Increased Security Measures And Cooperation

Being proactive about safety measures as well as cooperating with players in the industry including government institutions has helped Binance recover lost or stolen funds. 

The transparency provided by blockchain technology enables the exchange to trace and reclaim these resources easily because suspicious activities can be identified through monitoring systems.

According to Su, there are more opportunities for fraudulent acts when markets expand rapidly coupled with high volatility since such conditions attract new entrants who might lack awareness on how to avoid falling victim to scams or getting hacked.

 He added that during such times when prices are upwards, investors could lose bigger amounts of money.“Our actions and track record speak volumes about our dedication towards shielding users from harm while creating a safer environment around cryptocurrencies,” 

However Huge Amounts Are Still Lost After Being Retrieved

Even though many have been recovered successfully by Binance, unfortunately still substantial quantities disappear elsewhere within the digital currency space.

 Immunefi recently released a report showing that blackhat hacks alone accounted for 72 cases during Q2-2024 leading to direct financial damages worth approximately $572m out of which $564m resulted from hacking incidents.