Binance announces a milestone in security operations, recovering over $73 million in stolen funds in 2024, surpassing previous efforts.
Points
- Binance recovers or freezes $73 million in stolen funds as of July 31, 2024.
- Surpasses the $55 million recovered in 2023.
- Efforts focus on enhancing trust and reliability in the digital asset space.
- Majority of recovered funds related to external hacks and thefts.
- Binance collaborates with third-party services for greater coverage.
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a significant milestone in its security operations, recovering or freezing over $73 million in stolen user funds in 2024. This achievement surpasses the exchange’s efforts in 2023, during which it assisted users in recovering $55 million in stolen funds throughout the year.
According to a press release shared with Cointelegraph, as of July 31, Binance successfully reclaimed or secured more than $73 million in funds stolen through external hacks. Speaking with Cointelegraph, a Binance spokesperson emphasized the company’s commitment to security beyond the platform, highlighting the firm’s proactive approach in assisting users to recover misplaced and stolen funds.
Jimmy Su, Binance’s chief security officer, highlighted the importance of a user-focused approach in the company’s operations. Su explained that Binance has cultivated a crypto user-focused culture that defines every aspect of its operations. This culture has been crucial in protecting users and enhancing trust and reliability in the digital asset space.
Binance achieved this milestone through proactive efforts and collaboration with industry players and users. Approximately 80% of the recovered funds were related to hacks, exploits, and thefts that occurred externally, while 20% were associated with scams outside the Binance platform. By expanding collaboration to include more third-party services, Binance has achieved greater coverage in tracking and recovering stolen funds.
解説
- Binance’s recovery of over $73 million in stolen funds highlights the exchange’s robust security measures and commitment to user protection.
- By surpassing previous security efforts, Binance demonstrates its proactive approach to enhancing trust and reliability in the digital asset space.
- Collaboration with third-party services has been key to achieving greater coverage in tracking and recovering stolen funds.
- This milestone underscores the importance of a user-focused security culture in the cryptocurrency industry.