Binance, the world’s largest cryptocurrency exchange by trading volume, has achieved a significant milestone in its security operations by recovering or freezing $73 million in stolen user funds in 2024. This figure, as reported in a press release shared with Cointelegraph, highlights the exchange’s ongoing commitment to enhancing security within the digital asset space.
2024 Security Success
As of July 31, Binance had successfully reclaimed or secured over $73 million in funds stolen through external hacks. This achievement surpasses the exchange’s 2023 performance, where it assisted users in recovering $55 million throughout the year. A Binance spokesperson expressed confidence in the firm’s security measures, stating that the company’s efforts not only protect users but also bolster the trust and reliability of the broader digital asset ecosystem.
Jimmy Su, Binance’s Chief Security Officer, emphasized the company’s user-focused approach in managing its operations. Su highlighted that Binance has “cultivated a crypto user-focused culture” that permeates every aspect of its operations. He noted that recent market growth and volatility have attracted a wave of new investors who may be more vulnerable to scams and hacks, leading to larger monetary losses during these periods.
Tackling Security Threats
Binance’s ability to recover or freeze stolen funds before the third quarter of 2024 is attributed to the company’s proactive efforts and collaboration with industry players and users. According to the press release, approximately 80% of the recovered or frozen funds were related to external hacks, exploits, and thefts, while the remaining 20% were associated with scams occurring outside the Binance platform.
The exchange’s strategy includes expanding its collaboration with third-party services to improve coverage in tracking and recovering stolen funds. This collaborative approach has been key to achieving the significant milestone in 2024.
| Year | Amount Recovered/Frozen | Major Causes |
|---|---|---|
| 2023 | $55 Million | Hacks, scams, and external thefts |
| 2024 | $73 Million | Proactive measures, enhanced industry collaboration |
Binance has seen a former adviser, David Plouffe, join Vice President Kamala Harris’s 2024 presidential election campaign, as reported by Politico on August 2. Plouffe, who previously served as a campaign manager and senior adviser to President Barack Obama, entered the crypto industry after leaving the White House in 2013. He joined Binance’s Global Advisory Board in 2022, marking his involvement in shaping the strategic direction of one of the most influential crypto exchanges.
While the specifics of Plouffe’s role in Harris’s campaign remain unclear, his transition from advising in the crypto space to engaging in national politics underscores the growing intersection between digital assets and broader economic and political landscapes.
Binance’s recovery of $73 million in stolen funds in 2024 reflects the exchange’s ongoing dedication to security and user protection. By surpassing its 2023 achievements, Binance has set a new standard in the digital asset industry, demonstrating the effectiveness of proactive security measures and industry collaboration. As Binance continues to strengthen its security operations, the exchange is not only safeguarding its users but also contributing to the overall credibility and stability of the cryptocurrency market.
Featured image credit: DALL-E by ChatGPT
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