Binance Suspicious Transactions Detected With $2.4 Billion in Crypto Scams
Key Points:
Read more: SEC Binance Lawsuit Gets Court Approval to Proceed
The exchange’s proactive security measure saved over 1.2 million global users. The security system will let the system identify and act on Binance suspicious transactions much faster across different platforms such as peer-to-peer trading, payment, and crypto withdrawals.
Of the prevented losses, approximately $1.1 billion was associated with withdrawals pegged to Binance suspicious transactions. Quite often, this is the stage at which criminals are trying to siphon funds away from Binance’s secure environment.
Read more: Binance CEO Richard Teng Sees Potential Growth of the Crypto Industry in 2024
Beyond detection, the platform incorporates a range of protective measures based on individual risk factors. These include custom notifications, cooldown periods, and numerous appeal channels to help out the users that are potentially at risk. All of these are carefully designed to balance user experience with security in order to ensure a secure trading environment.
Furthermore, the security measures applied at Binance go beyond its platform. As of the end of July 2024, Binance had recovered over $73 million in misplaced or otherwise lost funds for third-party external parties alone.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
The new Layer 1 Gravity Chain integrates Galxe's products and aims to streamline the user…
Discover how the holiday season is driving new crypto rallies, with Bitcoin, Ethereum, Solana, Aptos,…
MetaCene is an MMORPG set in a post-apocalyptic world where the survivors use NFTs to…
Morpho Protocol is the most innovative lending protocol in the market, having secured more than…
Backpack CEO denies the existence of BACK token, calling BingX's announcement of pre-market trading for…
Despite government crackdowns, Nigerian crypto transactions remain robust, with the SEC aiming to formalize the…
This website uses cookies.