Binance, a leading cryptocurrency exchange, recently revealed in its official blog that its robust security measures successfully prevented more than $2.4 billion in losses from potential scams and fraudulent activities between January and July 2024. These scams could have impacted over 1.2 million users.
The company credits its advanced internal risk engine, which combines artificial intelligence with manual review, for enabling 24/7 real-time monitoring of suspicious activity.
A significant portion of the prevented losses, over $1.1 billion, were related to withdrawals suspected to be connected to cryptocurrency scams. This figure accounts for 45 percent of the total amount prevented and underscores the ongoing threat cryptocurrency scams pose to users.
Binance CTO Rohit Wad reiterated the company’s commitment to user security, stating, “User security is our top priority at Binance. We are dedicated to building and maintaining industry-leading technical tools and security processes.”
Wad also urged users to take proactive steps to protect themselves, advising them to “remain vigilant, take responsibility for their own security, use strong security measures, and be wary of potential scams.”
