Cryptocurrency Platform Binance Recovers USD 73 Million Lost to Hackers and Scammers, Reaffirms Commitment To Boost Overall Security
World's largest cryptocurrency platform Binance said it recovered USD 73 million at the end of July 2024 which it lost to the hackers and scammers. The platform further said it would keep boosting the overall security of the users.
George Town, August 10: Binance, the world's largest crypto exchange platform, successfully recovered over USD 73 million lost to cyber criminals. The hackers attacked the Binance cryptocurrency exchange platform which led to the freezing of millions of dollars. It recovered all the frozen amounts from external hacks as of July 31, 2024.
Binance was successful in recovering the misplaced and lost funds obtained illegally by the cybercriminals, according to a report by Times of India. Previously, the crypto exchange secured around USD 55 billion during 2023. The report mentioned that Binance collaborated with the public sector to ensure the affected users got the needed help. BSNL To Roll Out 4G and 5G Ready SIM Platforms To Help Subscribers Choose Mobile Numbers, Replace SIMs.
The report mentioned that among the Binance recoveries, 80% were related to the hacks, exploits and thefts initiated by the external threat actors. The 20% of recoveries were due to the scams outside the Binance platform. Highlighting the efforts of Binance, Chief Security Officer Jimmy Su said that Binance had cultivated a crypto-focused culture for its operations, and the platform acted to protect its assets and users.
Binance's Chief Security Officer said that the platform also enhanced the overall security of the cryptocurrency platform as the new investors would be more vulnerable to hacking, cyberattacks and scams. Jimmy Su further solidified his statement by saying that Binance achieved more excellent coverage in tracking and recovering stolen funds by collaborating with third-party services. The platform reaffirmed its continued efforts to protect its users. WazirX Data Beach: CoinDCX CEO Sumit Gupta Assures Users Safety of Their Assets Amid Security Breach at Indian Crypto Exchange.
He said that Binance would leverage blockchain technology to gather the evidence and take action against the spammers to provide a more secure environment. However, the platform asked the users to be cautious and thoroughly research before making any moves. The blockchain's unique properties would be utilised to ensure the platform's fight against crypto scams.
(The above story first appeared on LatestLY on Aug 10, 2024 02:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).