Scams: the popular crypto-exchange of Binance has managed to protect its 1.2 million users from crypto scams, for a total of 2.4 billion dollars in potential losses.
Binance the crypto scams: $2.4 million of users saved from potential frauds
Binance managed to protect its 1.2 million users from potential scam losses totaling 2.4 billion dollars in 2024. This result of the popular crypto-exchange is the result of the adoption of advanced risk management measures that flagged suspicious crypto scam transactions.
In practice, from January to July 2024, Binance has prevented such losses resulting from potential scams, identified thanks to the adoption of advanced risk management measures.
Specifically, Binance employs a sophisticated internal risk engine based on a combination of artificial intelligence (AI) and manual review. This system allows for real-time monitoring and operates across all areas of the ecosystem, including peer-to-peer (P2P) trading, payments, cryptocurrency network withdrawals, and more.
Thanks to this system, the team was able to accurately detect anomalous transactions and acted quickly, ensuring a mitigated risk exposure.
Binance has also managed to identify that the phase in which illicit transactions are most frequently reported is that of cryptocurrency withdrawal.
Not by chance, precisely 45% of the 2.4 billion dollars in losses avoided this year are related to withdrawals connected to suspected crypto scams.
Binance and crypto scams: act in real-time against potential fraud
In addition to being able to act in real-time against potential fraud reported by suspicious transactions, Binance has also managed to recover actual losses.
In fact, as of July 31, 2024, the platform has recovered over 73 million dollars in lost or missing funds on behalf of external third parties.
In this regard, Rohit Wad, Chief Technology Officer of Binance, said:
“User centrality has always been a priority for Binance and this is reflected in the attention to building and maintaining cutting-edge technological tools and processes, which allow us to protect our users and their assets 24 hours a day. The fact that we have prevented potential losses of over 2.4 billion dollars in just seven months, testifies to our commitment to creating a safer ecosystem. We will continue to take on the responsibility of industry leaders, regularly improving our systems and capabilities to anticipate potential threats.”
Binance also adopts a wide range of protection tools against crypto scams such as personalized notifications, cooldown features, and timely alerts. The control over security and user experience is then organized with risk control measures on eight levels
The success of the Super Earn event for Ton
Recently, Binance has made headlines for the Super Earn event of the platform for Ton, recording an immediate success. The initial offer of Ton sold out in a few minutes.
In practice, Binance has launched a new pool to meet the high demand, consolidating its commitment to the expansion of the Toncoin ecosystem.
From August 16, in fact, the pool has allowed users to stake their Toncoin with a limit of 50 TON per user, and offers the opportunity to obtain higher annual percentage rates (APR).
This offer provides the possibility to lock your TON for a determined period, receiving significant rewards in return.