Langgam Pos - In a recent announcement, Binance, the China-based cryptocurrency exchange, revealed that its security team has successfully recovered or frozen over USD 73 million (approximately IDR 1.1 trillion) of user funds stolen by external parties between January 1 and July 31, 2024.
According to News.bitcoin.com, this achievement marks an increase from the USD 55 million (about IDR 875.9 billion) secured in 2023.
The company stated, "Through proactive efforts to support Web3 users and collaborate with industry partners, we have successfully assisted users in recovering misplaced and lost digital assets, as well as freezing and retrieving illicitly obtained funds that entered the Binance platform."
Binance's Head of Security, Jimmy Su, emphasized the company's commitment to protecting users and enhancing the security of the cryptocurrency ecosystem by leveraging blockchain technology to track and recover stolen funds.
Approximately 80% of the recovered and frozen funds are related to external hacks, exploits, and thefts, while the remaining 20% are associated with fraud occurring outside of the Binance platform.
Su attributed this success to Binance's user-focused culture and proactive security measures. He noted that blockchain technology plays a crucial role in tracking and recovering stolen funds, which contributes to creating a safer investment environment.
This proactive approach has led to significant progress in combating financial crime within the cryptocurrency industry.
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