TechFlow News: As of July 31 this year, Binance's security team has recovered or secured over $73 million in user funds from external hacker attacks—surpassing the total for all of 2023 (approximately $55 million).
Of these recovered assets, about 80% are linked to hacks, vulnerabilities, and thefts occurring outside the Binance platform, while the remaining 20% relate to scams originating externally. Binance Chief Security Officer Jimmy Su emphasized the company’s commitment to protecting users and enhancing the overall security of the crypto ecosystem by leveraging blockchain technology to effectively track and recover stolen funds.
According to Chainalysis’ 2024 Crypto Crime Report, illicit cryptocurrency addresses received significantly less value in 2023, totaling $24.2 billion—down from $39.6 billion in 2022. The share of all crypto transactions tied to illicit activities also decreased from 0.42% in 2022 to 0.34%. This decline highlights the effectiveness of proactive security measures across the industry, and Binance is proud to be at the forefront of these efforts.
