Binance Successfully Recovered User Funds Stolen By Hackers Worth IDR 1.1 Trillion

Binance crypto exchange restores hacked user funds. (Photo; Doc. Chainbits)

JAKARTA - Binance, one of the largest crypto exchanges in the world, recently announced important security-related achievements. During the first seven months of this year, Binance's security team managed to recover or freeze user funds worth more than 73 million US dollars (approximately IDR 1.168 trillion) stolen by external parties.

This figure not only shows a significant increase compared to the previous year, but also confirms Binance's commitment to creating a more secure crypto ecosystem for its investors.

This achievement surpassed the previous achievement of 55 million US dollars (approximately IDR 880 billion) which was successfully secured throughout 2023. In a statement, Binance detailed the proactive steps they had taken to support Web3 users and collaborated with industry partners in returning lost or misplaced digital assets, as well as freezing and withdrawing illegally obtained funds into the Binance platform.

Binance's Chief Security Officer, Jimmy Su, highlighted the company's commitment to user protection and increased security of the crypto ecosystem. He explained how blockchain technology was used to track and recover stolen funds, which helped create a safer investment environment. This proactive approach, according to Su, has made significant progress in efforts to combat financial crime in the crypto industry.

Furthermore, Binance explained that most of the recovery and freezing of the funds were about 80%" related to hacking, exploitation, and theft that occurred outside the platform. The remaining 20% are related to frauds that occur outside Binance.

Other sources of data from international crypto media also highlight the importance of security measures taken by Binance, particularly in the context of increasing cases of hacking and fraud in the crypto sector.

Data shows that this industry has become a prime target for hackers, given the ever-increasing value of digital assets. Therefore, Binance's initiative in tracking and restoring lost funds is very important to maintain investor confidence and ensure the sustainability of the crypto ecosystem.