Binance Anti-Scam Report Reveals $9.1 Million Recovered and $129 Million Saved
Binance’s 2024 Anti-Scam Refund Initiative End-of-Year Report highlights significant progress in combating crypto fraud. The report indicates a recovery of $9.1 million and prevention of over $129 million in potential losses, demonstrating a commitment to user safety.
Binance made 30,000 calls to potential victims and blacklisted 47,000 malicious addresses, focusing on prevention and proactive user education. Daily, Binance sends 15,000 alerts to inform users about risks, reinforcing its leadership in crypto security.
Binance is not only addressing scams but also establishing new benchmarks in risk management and user protection. The report notes that scams affect individuals across all demographics, highlighting the increasing sophistication of these schemes.
Binance 24/7 AI Support Saves Victims
The Anti-Scam Refund Initiative operates continuously, utilizing advanced AI tools like Binance Sensei along with human support to assist victims in recovering their funds. Its success relies on proactive protection, a 24-hour safety net, rapid response recovery, and support for silent sufferers.
The 24-hour safety net is crucial; Binance temporarily freezes flagged accounts, allowing victims to report incidents. In 2024, 20,000 high-risk chats were conducted to alert users and prevent losses.
Binance’s rapid response recovery system employs AI analysis to identify suspicious activity almost instantaneously. This, combined with manual reviews, ensures precise handling of cases, increasing the chances for victims to reclaim stolen assets.
50 AI Models, 80 Monthly Recoveries
Central to Binance’s achievements is its use of artificial intelligence and machine learning. Over 50 custom models were created and updated 14 times this year to detect scam tactics, analyze behavior, and predict scams in real-time.
Binance tracks the movement of stolen funds across platforms, enabling the freezing of associated accounts, thereby enhancing recovery odds. Users are encouraged to report incidents promptly. The report states:
“Every recovery is a victory—not just for the individual but for the entire community.”
In 2024, Binance's efforts resulted in an average of 80 successful recoveries monthly and thousands of flagged addresses on its blacklist. Users can utilize tools such as Binance Verify, personalized anti-phishing codes, and EML Verification Service to protect their assets against evolving scams.