Binance recovers $73M in stolen funds, surpassing 2023 security efforts

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a significant milestone in its security operations, recovering or freezing $73 million in stolen user funds in 2024.

According to a press release shared with Cointelegraph, as of July 31, Binance successfully reclaimed or secured more than $73 million in funds that were stolen through external hacks.

This milestone exceeded the exchange’s achievements in 2023 when the firm assisted users in recovering $55 million in stolen funds throughout the year.

Speaking with Cointelegraph, a Binance spokesperson explained that users can “take great confidence” in knowing that the firm is committed to security beyond the platform.

“By assisting in the recovery of misplaced and stolen funds for external parties, we not only protect our users but also enhance the overall trust and reliability of the digital asset space.”

Binance’s approach to operations

In the press release, Jimmy Su, Binance’s chief security officer, highlighted the importance of taking a user-focused approach when considering the firm’s operations.

Su explained that the exchange has “cultivated a crypto user-focused culture” that defines “every aspect” of Binance’s operations.

“Market growth and volatility, as observed in recent months, often bring an influx of new investors who may be more susceptible to scams and hacks, and elevated prices during these periods can result in larger monetary losses.”

Tackling security threats

According to the press release, Binance achieved this milestone before Q3 through the company’s “proactive efforts” and collaboration with “industry players and users.”

Of the funds recovered or frozen, approximately 80% were related to “hacks, exploits, and thefts” that occurred externally, while 20% were associated with scams “outside the Binance platform.”

“By expanding our collaboration to include more third-party services, we have achieved greater coverage in tracking and recovering stolen funds.”

Ex-Binance adviser joins Kamala Harris’ campaign

According to an Aug. 2 Politico report, David Plouffe, the former adviser for Binance and Alchemy Pay, has reportedly joined Vice President Kamala Harris’s 2024 presidential election campaign.

Although the Democratic National Committee announced that Harris had secured enough delegates to become the party’s official candidate, Plouffe’s role is unclear.

Plouffe made his foray into crypto after leaving the White House in 2013, where he served as campaign manager and senior adviser to President Barrack Obama. In 2022, he joined Binance’s Global Advisory Board.