Binance is Cracking Down on Crypto Thieves, $73 Million Recovered!

Binance, the largest crypto exchange platform, announced it had recovered or frozen over $73 million in stolen user funds in 2024. This amount surpasses the $55 million recovered in 2023, representing a 33% increase.

A Strong Increase in Stolen Funds Recovery 

According to Binance, its security team has been very active in recovering and freezing lost or ill-gotten funds on its network. The platform has also collaborated with other players in the crypto sector and authorities to ensure that harmed users are supported.

Nearly 80% of the $73 million recovered relate to hacks, exploits, and thefts that occurred outside of the Binance platform. The remaining 20% comes from external scams.

According to Jimmy Su, Binance’s security chief, the platform’s central position has been decisive in these recoveries, thanks to its user-oriented culture. He adds:

Significant Increase in Crypto Losses Despite Efforts

Despite the progress made by Binance, the overall trend remains concerning. During the first half of 2024, hackers intensified their attacks, causing losses of $1.56 billion. This is a 293% increase compared to the same period in 2023.

Decentralized Finance (DeFi) protocols have been the primary targets, accounting for 59% of the stolen crypto assets. Flash loan attacks, exploiting unsecured borrowings, also accounted for 24% of incidents.

While Binance’s efforts to recover stolen funds are commendable, the significant increase in crypto-related losses highlights the ongoing security challenges in this booming sector. To restore investor confidence, market players will need to redouble their efforts to strengthen security measures and combat cybercrime.