{"id":2609,"date":"2024-08-10T15:37:25","date_gmt":"2024-08-10T07:37:25","guid":{"rendered":"https:\/\/btcrankings.com\/?post_type=blog&p=2609"},"modified":"2024-08-10T15:38:13","modified_gmt":"2024-08-10T07:38:13","slug":"binance-recovers-73-million-in-stolen-funds-33-increase-from-2023","status":"publish","type":"blog","link":"https:\/\/btcrankings.com\/en\/blog\/binance-recovers-73-million-in-stolen-funds-33-increase-from-2023\/","title":{"rendered":"Binance Recovers $73 Million in Stolen Funds; 33% Increase from 2023"},"content":{"rendered":"
\n

Efforts to Combat Crypto Crime<\/span>\u00a0<\/span><\/h2>\n

Binance connected approximately 80% of the recovered funds to hacks and thefts outside the platform. They tied the remaining 20% to scams occurring off the exchange.\u00a0Binance is unsure whether the rise in recovered funds was linked to increase in stolen crypto or market value gains; this milestone coincides with Binance\u2019s ongoing efforts to establish itself as a compliant financial institution.<\/span>\u00a0<\/span><\/p>\n

In late 2023, Binance reached a settlement with the U.S. Department of Justice (DOJ). They agreed to pay a $4 billion penalty to resolve an investigation into alleged financial law violations. As part of this settlement, Binance\u2019s co-founder and former CEO, Changpeng Zhao, pleaded guilty to failing to implement an effective anti-money laundering program. In April 2024, the court sentenced Zhao to four months in prison, and he began serving his sentence in June.<\/span>\u00a0<\/span><\/p>\n

Besides the prison sentence, Zhao agreed to pay a $50 million fine. He also stepped down as Binance\u2019s CEO but continues to hold a controlling stake in the company. Under new leadership, Binance has committed to working closely with regulators and adhering to all compliance standards.<\/span>\u00a0<\/span><\/p>\n

Crypto Losses Exceed $1.5 Billion in 2024\u2019s First Half<\/span>\u00a0<\/span><\/h2>\n

Despite Binance\u2019s success in recovering stolen funds, the broader <\/span>crypto market<\/strong><\/span> has faced significant challenges in 2024. The first half of the year saw a substantial increase in major hacks, leading to more than $1.5 billion in losses. According to PeckShield\u2019s mid-year report, over 200 significant incidents occurred, marking a 293% rise compared to the $480 million lost during the same period in 2023.<\/span>\u00a0<\/span><\/p>\n

Decentralized finance (DeFi) protocols were the primary targets, with hackers exploiting vulnerabilities in smart contracts. These attacks accounted for 59% of the total stolen assets, equivalent to $81 million. Hackers made up 24% of their attacks using flash loan methods, a type of unsecured borrowing, while they used other sophisticated techniques for the remaining 76%.<\/span>\u00a0<\/span><\/p>\n

Hackers targeted more than 20 public blockchains, with Ethereum, Bitcoin, and XRP bearing the brunt of the attacks. They particularly focused on Ethereum and Binance\u2019s BNB Chain, each accounting for 31.3% of the incidents, followed by Arbitrum, which suffered 12.5% of the losses.<\/span>\u00a0<\/span><\/p>\n<\/div>\n

Resource: CoinBackyard<\/p>\n","protected":false},"excerpt":{"rendered":"

Efforts to Combat Crypto Crime\u00a0 Binance connected approximately 80% of the recovered funds to hacks and thefts outside the platform. They tied the remaining 20% to scams occurring off the exchange.\u00a0Binance is unsure whether the rise in recovered funds was linked to increase in stolen crypto or market value gains; this milestone coincides with Binance\u2019s […]<\/p>\n","protected":false},"author":210035327,"featured_media":2607,"comment_status":"open","ping_status":"closed","template":"","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"blog_tag":[],"blog_category":[132575],"class_list":["post-2609","blog","type-blog","status-publish","has-post-thumbnail","hentry","blog_category-news"],"_links":{"self":[{"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog\/2609","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/users\/210035327"}],"replies":[{"embeddable":true,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/comments?post=2609"}],"version-history":[{"count":2,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog\/2609\/revisions"}],"predecessor-version":[{"id":2611,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog\/2609\/revisions\/2611"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/media\/2607"}],"wp:attachment":[{"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/media?parent=2609"}],"wp:term":[{"taxonomy":"blog_tag","embeddable":true,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog_tag?post=2609"},{"taxonomy":"blog_category","embeddable":true,"href":"https:\/\/btcrankings.com\/en\/wp-json\/wp\/v2\/blog_category?post=2609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}