The security team at crypto exchange Binance has recovered around $73 million in stolen crypto funds in 2024 alone.
This surpasses the $53 million recovered all through 2023. The figure also reflects Binance’s commitment to improving its security.
Binance Recovers $73M in Stolen Crypto, Surpassing 2023
Binance noted that it recovered $73 million between January 1 and July 31, 2024. The crypto exchange explained, “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.”
“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 added.
Binance’s Chief Security Officer, Jimmy Su, noted that the crypto exchange leveraged blockchain technology to track. And recover the stolen funds. “By assisting in the recovery of misplaced and stolen funds for external parties, we not only protect our users but also enhance the overall trust and reliability of the digital asset space,” a Binance spokesperson added.
Binance Adopts a User-Friendly Strategy
Binance’s Chief Security Officer, Su, explained that the exchange has adopted a user-centric approach in its approach. The crypto exchange also praised its partnership with several third parties for its improved security. “By expanding our collaboration to include more third-party services, we have achieved greater coverage in tracking and recovering stolen funds,” Binance added.
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