Binance has announced that its security team has successfully recovered or frozen over $73 million in funds stolen through various crypto hacks and scams. These funds, as of July 31, 2024, were connected to numerous external hacks that occurred across the crypto market.
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Notably, about 80% of the recovered funds came from external hacks, thefts, and exploits, while the remaining 20% were linked to crypto scams. This year’s recovery total of $73 million already surpasses the $55 million that Binance’s security team managed to recover throughout the entire year of 2023.
Binance’s Commitment to Enhancing Crypto Security
Jimmy Su, Binance’s chief security officer, emphasized the significance of their recent success in recovering stolen funds, stating, “This achievement underscores our unwavering dedication to protecting not just our users, but also enhancing the overall security of the cryptocurrency ecosystem.”
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Su also highlighted the challenges that come with market growth and volatility. He noted that periods of increased market activity often attract new investors, who may be more vulnerable to scams and hacks. Additionally, during these times, elevated prices can lead to larger financial losses.
Rising Crypto Security Concerns Amidst Binance’s Recovery Efforts
Binance has made significant strides in recovering stolen funds, securing a considerable amount in the first seven months of 2024. However, despite these efforts, the broader cryptocurrency industry continues to face serious security challenges.
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According to blockchain security firm Immunefi, the second quarter of 2024 saw 72 incidents of blackhat hacks, fraud, rug pulls, and other exploits. These incidents led to total losses exceeding $572 million, with the majority—$564 million across 53 incidents—stemming from hacks. Two of the most significant attacks included a $305 million hack on Japanese crypto exchange DMM Bitcoin and a $55 million hack on Turkey-based BtcTurk.
The report from Immunefi did not account for the $230 million hack on India-based WazirX in July. Blockchain security firm Peckshield later revealed that when including the WazirX hack, losses in the crypto and DeFi sectors totaled over $266 million. A separate report by Chainalysis noted that total funds stolen in the crypto market decreased to $24.2 billion in 2023, down from $39.6 billion in 2022.
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In addition, a report by crypto exchange Bitget raised concerns about the future of crypto crimes, suggesting that with advancements in artificial intelligence, deepfakes could account for 70% of crypto crimes within the next two years.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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