Binance has successfully recovered $9.1 million in 2024 through its Anti-Scam Refund Initiative. The company is showing a strong commitment to user security with this milestone. Binance’s larger initiative to protect users includes this initiative. The crypto market simply grows and the scams increase too. In other words, Binance will had to take measures to secure its users. These are key measures to protecting assets in the growing crypto space.
Over 15,000 Daily Alerts Issued by Binance to Combat Rising Scams
According the Binance blog post, scammers are becoming smart and will target both the traditional finance and DeFi. Individuals are deceived via using methods such as fake investment platforms, phishing attacks, and social engineering. The issue is widespread, and its victims range from professionals to retired person. It also shows how important it is for crypto platforms to respond accordingly, and take the lead in fighting financial fraud.
Binance Anti-Scam Refund Initiative is working day and night to recover funds for scam victims. In this regard, Binance has restored significant amounts of stolen funds by leveraging cutting edge risk management technology together with customer service. Binance also focuses on proactive protection. Consequently, it keeps users away from scams.
Binance issued over 15,000 targeted alerts daily to users in 2024, warning of threats from scammers. In addition to above, the company worked with global authorities and gathered information to remain one step ahead of emerging scamming activities of scammers.
Binance Blacklists 47,000 Malicious Addresses to Combat Scams
Apart from prevention, Binance has placed 24 hours safety net in case users are still vulnerable to scams despite warnings from Binance. Suspicious transactions are flagged by Binance who automatically freezes the funds for 24 hours. On the other hand, it also allows a user to report potential fraud. Binance works to recover the funds from fraudulent activities. However, it does not guarantee of refunds to its users.
Binance’s initiative throughout 2024 has prevented more than $129 million in losses. In addition, it blacklisted 47,000 addresses which it considered malicious. The company also proactively called more than 30,000 users at risk of being scammed. It also reminds its users to remain vigilant against scams. Binance also encourages users to report any suspicious activity to help both themselves and others.
