Binance Secured Over $73M in Stolen Funds from Hacks in 2024

Binance has announced that its security team has successfully recovered or frozen more than $73 million in user funds from external hacks as of July 31 this year.

This latest figure exceeds the roughly $55 million recovered in all of 2023.

Binance’s 2024 Security Efforts

As per the official press release shared with CryptoPotato, Binance asserted working closely with the public sector to ensure affected users receive the necessary assistance.  About 80% of these recoveries and freezes are linked to external hacks, exploits, and thefts, while the remaining 20% involve scams that occur outside the Binance platform.

Jimmy Su, Chief Security Officer at Binance, said,

“Binance has cultivated a crypto user-focused culture that defines every aspect of our operations. This achievement underscores our unwavering dedication to protecting not just our users, but also enhancing the overall security of the cryptocurrency ecosystem.

Market growth and volatility, as observed in recent months, often bring an influx of new investors who may be more susceptible to scams and hacks, and elevated prices during these periods can result in larger monetary losses.”

The exec noted that Binance’s decision to expand the collaboration to include more third-party services has resulted in greater coverage in tracking and recovering stolen funds.

Binance added that the rise in recovered and frozen funds this year doesn’t signal an uptick in criminal activity within the industry; instead, it reflects the crypto exchange’s proactive security efforts. The transparency of blockchain technology, with its public and traceable transactions, facilitates the tracking and recovery of funds, making it simpler to identify and monitor suspicious activities.

Crypto Crime Share Fell to 0.34% in 2023

Chainalysis’ 2024 Crypto Crime Report reveals that the value received by illicit crypto asset addresses fell sharply to $24.2 billion in 2023, down from $39.6 billion in 2022. The share of crypto transaction volume linked to illicit activities also decreased to 0.34% from 0.42% the previous year.

As per Binance, this decrease reflects the success of proactive security measures.