From January to July 2024, Binance’s comprehensive risk management and real-time monitoring systems have prevented over $2.4 billion in potential losses from scams and fraud, protecting more than 1.2 million users globally.
Binance, the largest crypto exchange by trading volume, announced that it had prevented over $2.4 billion in potential user losses from scams and fraud in the first seven months of 2024, according to an Aug. 20 statement shared with CryptoSlate.
Binance revealed that over $1.1 billion, or about 45%, of the $2.4 billion in averted losses involved withdrawals linked to suspected crypto scams. The exchange reported that these efforts protected more than 1.2 million users on its platform.
Binance attributed its success to a sophisticated internal risk engine that operates 24/7, using a combination of AI-based and manual reviews for real-time monitoring.
“Preventing over $2.4 billion in potential losses in just seven months highlights our relentless commitment over the years”, Binance CTO Rohit Wad said.
He further emphasized Binance’s focus on user protection, which is underpinned by advanced technological tools and processes that safeguard users and their assets 24/7.
The announcement follows the platform’s recent efforts to recover or freeze $73 million in stolen user funds this year. Binance said the funds recovered so far this year are already up 33% compared to the $55 million recovered in 2023.
According to the firm, 80% of the funds recovered this year were stolen through hacks, exploits, and thefts, while the remaining 20% were lost to scams.
[Source: Cryptoslate]
