Binance Successfully Saves Users from Crypto Scams
In the year 2024, Binance, a well-known crypto-exchange, has effectively protected its 1.2 million users from potential crypto scam losses amounting to a total of $2.4 billion. This achievement was made possible through the implementation of advanced risk management strategies that helped in identifying and preventing suspicious transactions related to scams.
Binance Utilizes Advanced Risk Management Measures
During the period of January to July 2024, Binance managed to avert significant losses associated with potential scams by leveraging advanced risk management techniques. The platform’s internal risk engine, which combines artificial intelligence (AI) with manual review processes, plays a crucial role in monitoring transactions across various areas of the ecosystem.
- Binance employs a sophisticated internal risk engine
- Utilizes a combination of AI and manual review
- Enables real-time monitoring
- Operates across all ecosystem areas
By swiftly detecting suspicious activities, the team at Binance was able to take prompt action, reducing the overall risk exposure associated with potential scams.
Notably, the platform identified that cryptocurrency withdrawals were the most common phase where illicit transactions were observed. It was found that 45% of the $2.4 billion in avoided losses for the year were linked to withdrawals connected to suspected crypto scams.
Binance Takes Swift Action Against Crypto Scams
Binance has demonstrated its ability to respond rapidly to potential fraud instances highlighted through suspicious transactions. Moreover, the platform has successfully recovered $73 million in lost or missing funds on behalf of external parties as of July 31, 2024.
Rohit Wad, the Chief Technology Officer at Binance, emphasized the platform’s commitment to user-centricity and continuous technological innovation to safeguard user assets round the clock. Binance has implemented personalized notifications, cooldown features, and timely alerts to enhance security and user experience.
Success of the Super Earn Event for Ton
Binance gained considerable attention recently for its Super Earn event focusing on Ton, which garnered significant success. The initial offering of Ton sold out within minutes, prompting Binance to launch a new pool to cater to the high demand and support the Toncoin ecosystem’s growth.
- Binance launched a new pool for Ton
- Users can stake up to 50 TON per user
- Offers higher annual percentage rates (APR)
- Provides rewards for locking TON for a specific period
This initiative allows users to stake their Toncoin and earn higher APR, providing an opportunity to lock their TON for a set duration and receive substantial rewards in return.
Hot Take: Binance Shields Users from Crypto Scams
Scams: the popular crypto-exchange of Binance has managed to protect its 1.2 million users from crypto scams, for a total of 2.4 billion dollars in potential losses.
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