Binance is reporting that it has reclaimed more than $73 million in funds pilfered by hacks. The Binance security team is said to have recovered the funds as of July 31st, topping the $55 million recovered in 2023.
Binance touts that it has partnered with other industry players in the recovery process with 80% being from hacks/thefts and 20% from scams outside the Binance platform.
Jimmy Su, Chief Security Officer at Binance, says that Binance has created a “crypto user-focused” culture that underscores their dedication to protecting their users and enhancing security.
“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 company added that the increase in recoveries is not due to more nefarious activity but their improving security measures. It should be noted that just about all blockchain transactions are publicly trackable meaning it is more a question of technology to pursue stolen funds than anything else.
“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,” added Su.
Chainalysis’ 2024 Crypto Crime Report states that in 2023 there was significant drop in the value received by illicit cryptocurrency addresses, totaling $24.2 billion, down from $39.6 billion in 2022.
