Binance Reclaims $73M in Stolen Funds With 2024 Blockchain Breakthrough

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With the proliferation of fraudulent activities in the cryptocurrency ecosystem recently, assets worth millions of dollars have vanished without a trace, leaving investors devastated. Binance Exchange has used blockchain technology to track and recover funds looted by malicious actors.

Binance’s Record-Breaking Recovery Efforts

According to an announcement by Binance Exchange, its team of security experts recovered or frozen over $73 million worth of stolen users’ funds by external parties between January 1 and July 31, 2024. This accomplishment far exceeds the $55 million recovered by the exchange in all of 2023.

The exchange emphasized that the feat became possible due to collaboration with industry peers to support Web3 users. It maintained that these recoveries were on misplaced or lost digital assets and illegal funds that found their way to the Binance platform.

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Jimmy Su, Binance’s Chief Security Officer, explained that blockchain has proven effective in gathering evidence and tracking scammers. This has helped the exchange recover stolen assets and safeguard the crypto market.

Ongoing Battle Against Hacks and Scams

Meanwhile an analysis of the funds which Binance successfully clawed back showed that about 80% were assets lost due to hacking, theft or other external exploits. The other 20% related to scams perpetrated outside Binance exchange.

Hacks and the theft of users’ assets have been a major fear of industry stakeholders, with WazirX recently losing over $234 million. The leading Indian crypto exchange’s Safe Multisig wallet on Ethereum lost the funds when malicious actors transferred them to a new address.

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Industry-Wide Challenges in Fund Recovery

While cases of hacking and scamming remain prevalent, recovery has always been a challenge. For instance, in 2022, Axie Infinity’s Ronin Bridge suffered a loss of $625 million when hackers suspected to belong to the Lazarus Group moved users’ funds in one of the biggest hacks in the crypto ecosystem.

Despite efforts to recover the stolen funds, the Norwegian government and Økokrim could only recover $5.7 million in assets stolen in the Ronin bridge hack, as earlier reported by Coinrise. Hence, analysts consider the $73 million recovered by the Binance exchange as laudable.

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