Binance blocks $2.4 billion in potential crypto scams in 2024
Summary
Binance prevented over $2.4 billion in potential user losses from scams and fraud in the first seven months of 2024. $1.1 billion of the averted losses involved withdrawals linked to suspected crypto scams, protecting more than 1.2 million users. The exchange attributed its success to a sophisticated internal risk engine using AI-based and manual reviews. Binance also recovered or froze $73 million in stolen user funds this year, up 33% from 2023. The recent emphasis on retrieving stolen crypto is part of Binance's strategy to demonstrate compliance with global regulations, including recent efforts to comply with Indian laws.
