CandleFocus Report: Binance Thwarted Scams to the Tune of $129M in 2024
2024-12-27
Author: Content Editor
The world's largest cryptocurrency exchange, Binance, published a report highlighting its Anti-Scam Refund Initiative, revealing that it prevented potential scams on its platform that could have cost users up to $129 million. The report also stated that Binance managed to recover $9.1 million in scammed funds for victims. The company's actions showcase its commitment to tackling the organized network of scammers who exploit unsuspecting investors through fake investment platforms, phishing attacks, and social engineering. The report comes at a time when crypto investment scams are on the rise, with losses increasing from $3 billion in 2022 to $4.5 billion in 2023, according to the FBI. During the first half of 2024, the FBI received over 18,000 complaints of crypto-investment scams, resulting in losses exceeding $1.9 billion.
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