In 2024, the cryptocurrency landscape continued to grow, offering vast opportunities and transformative financial freedom. Yet, as innovation surged, so did the sophistication of financial scams throughout both the crypto and traditional financial landscape.
Our commitment to user security remains at the forefront of everything we do, ensuring that the crypto journey is as safe as it is empowering.
This report highlights the achievements of Binance, the leading crypto exchange globally, in tackling scams, recovering funds, and raising awareness to protect our community. It demonstrates how Binance sets the gold standard in the crypto industry for risk management, user education, and proactive security measures.
MILESTONE | #Binance Becomes the First Centralized Crypto Exchange to Surpass $100 Trillion in Trading Volume
The Binance platform now serves over 240 million users globallyhttps://t.co/aaDNSAlzTE @binance @_RichardTeng pic.twitter.com/2prJ1zlWgl
— BitKE (@BitcoinKE) November 22, 2024
The Growing Threat of the Scam Industry
The global scam industry, spanning both traditional and digital finance, has evolved into a highly organized network, with criminals using elaborate schemes to exploit unsuspecting victims.
- Fake investment platforms with professional-grade websites lure individuals with promises of guaranteed returns.
- Phishing attacks trick users into revealing sensitive information.
- Social engineering manipulates emotions to bypass logical defenses.
A chilling saying in the scam circles goes: “Everyone can be scammed; it’s just a matter of finding the right method.”
Scams can happen to anyone, victims range from 90-year-old retirees to 18-year-old students, and include competent professionals like police officers, doctors, and lawyers. The evolving scam industry creates an urgent need for leading cryptocurrency platforms like Binance to adapt, respond, and lead the fight against these threats.
REPORT | Over $300 Million Lost to Scams and Hacks in Q1 2024 – 100% on #DeFi and 51% on Ethereum
In Q1 2024, DeFi continues to be the main target for exploits, compared to CeFi.
DeFi represented 100% of the total losses, while CeFi has not witnessed a single attack.… pic.twitter.com/7e80wIjYkJ
— BitKE (@BitcoinKE) April 1, 2024
Binance Anti-Scam Refund Initiative
The Anti-Scam Refund initiative operates around the clock to recover funds for scam victims. This initiative combines cutting-edge risk management technology with empathetic customer service support to deliver effective results.
The 4 Pillars of Binance Anti-Scam Refund Initiative
Operating 24/7, this initiative combines cutting-edge technology and empathetic support to recover funds for scam victims.
- Proactive Protection
- Collaborating globally, gathering intelligence, sending warnings, and blacklisting malicious addresses (47,000 flagged in 2024).
- 24-Hour Safety Net
- Temporary fund freezes, active monitoring, and a reporting window saved users from irreversible losses.
- Rapid Response Recovery
- Swift reporting, AI-powered analysis, and manual reviews ensure prompt action.
- Silent Sufferer Support
- Reaching out to victims who feel unable to report, guiding them through recovery.
Maximizing Fund Recovery
Binance’s advanced tracking monitors fund flows to freeze scammer accounts and improve recovery chances.
Binance takes a proactive approach by monitoring the flow of funds to maximize recovery. Scammers often try to cover their tracks by moving stolen funds across multiple accounts and platforms quickly. Binance’s advanced tracking systems monitor the inflow and outflow of funds. By extending its reach, Binance allows for the freezing of associated accounts and significantly increases the chance of recovering users’ funds in full.
AI and Machine Learning
AI-driven risk management detects scams in real-time, with 50 models developed and 14 major upgrades in 2024 alone.
Impressive Results by the Numbers
Here are some of the highlights of 2024 that capture our user-focused approach and tireless dedication to user security.
- Funds Recovered: $9.1 million
- Monthly Successful Recoveries: 800
- Proactive Calls to Potential Victims: 30,000 calls
- Overall Prevented Losses: over $129 million
- Malicious Addresses Blacklisted: 47,000
- Number of daily alerts sent to users: Over 15,000
How to Report Scams on Binance
Binance has streamlined its reporting process to ensure users can quickly alert the platform about suspicious activity.
Users can visit the Binance Support Page and follow the detailed steps provided to file a report.
Call to Action
Users should act on risk alerts and report scams promptly to maximize recovery chances. The wider community can spread awareness to combat fraud collectively.
At Binance, every recovery is a victory. While prevention is key, Binance is committed to protecting users and creating a safer cryptocurrency ecosystem for all.
Together, we can fight scams and build trust in the crypto journey.
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