Binance Recovers Over $73M in Stolen Funds; Surpasses $55M Secured in 2023 This comes when the Indian ecosystem grapples with the loss of USD 230M from WazirX's multi-sig account. Attempts are being made to retrieve the siphoned amount
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Binance, on Thursday, shared that its security team has recovered or otherwise frozen over USD 73 million in user funds from external hacks as of July 31, 2024.
"Blockchain technology offers us a powerful tool in gathering essential evidence and taking action against scammers, paving the way for a more secure and safer investment environment. While it's important to stay cautious and always do thorough research, rest assured that the unique properties of blockchain technology are working to our advantage in this fight against scams," shared Jimmy Su, Chief Security Officer, Binance.
Reportedly, this recovery surpasses the approximately USD 55 million secured throughout 2023.
According to Chainalysis' 2024 Crypto Crime Report, the value received by illicit cryptocurrency addresses totalled USD 24.2 billion in 2023, down from USD 39.6 billion in 2022. Illicit activity accounted for less than one per cent of overall crypto transaction volume in 2022.
Binance took to X to share "In 2022 and 2023, (we) resolved 381,616 appeals, recovering and refunding USD 4.35 billion in uncredited crypto deposits for our users."
This comes when the Indian ecosystem grapples with the loss of USD 230M from WazirX's multi-sig account. Attempts are being made to retrieve the siphoned amount.
