As of July 31, 2024, Binance’s security team has managed to recover or freeze over $73 million stolen in various hacks. This was reported by company representatives in an interview with Incrypted.
Throughout 2023, the exchange successfully recovered around $55 million, marking a significant achievement in security. The company’s press release emphasized that the increase in recovered funds is not due to a rise in criminal activity but rather a result of enhanced security measures implemented by Binance to protect users’ assets.
Approximately 80% of the recovered funds were lost due to hacks and exploits targeting the platform. The remaining 20% were related to fraudulent activities occurring outside of Binance, demonstrating the company’s active efforts to protect its users even in the face of external threats.
Binance continues to work on improving its security system by implementing advanced technologies and collaborating with law enforcement agencies worldwide. The company urges users to stay vigilant and take measures to protect their accounts, including using two-factor authentication and other tools available on the platform.
