Binance, the top dog in crypto trading, has pulled off a major security coup. They've managed to recover or freeze a whopping $73 million in stolen funds this year. It's only July, and they've already outdone their 2023 efforts.
Last year, Binance helped users get back $55 million. This year's figure blows that out of the water. A Binance spokesperson told Cointelegraph that users can "take great confidence" in their security efforts.
The exchange isn't just playing defense on its own turf. They're going after bad actors across the crypto space. It's about building trust in digital assets as a whole.
Jimmy Su, Binance's security chief, says they're all about the users. "We've built a crypto user-focused culture," he explained. This approach shapes everything they do.
Su pointed out a key challenge. When the market heats up, newbies flood in. These rookies are prime targets for scammers. High prices mean bigger losses when things go south.
Binance didn't pull this off alone. They teamed up with industry players and users. It's a collaborative effort to keep the crypto world safe.
Most of the recovered funds came from external hacks and thefts. About 80%, to be precise. The rest were from scams outside Binance's platform.
The exchange is casting a wider net. They're working with more third-party services to track and recover stolen funds. It's paying off big time.
In other Binance news, there's been a shuffle in the political arena. David Plouffe, once an adviser to Binance, has jumped ship. He's now working on Kamala Harris's 2024 campaign.
Plouffe's no stranger to high-stakes politics. He was Obama's campaign manager and senior adviser. After leaving the White House in 2013, he dipped his toes in crypto. Now he's back in the political game, but his exact role in Harris's campaign isn't clear yet.