📣 Binance Reimburses Users with $4 Billion in Lost Funds
posted 29 Feb 2024
In an effort spanning the last two years, Binance has managed to recompense $4 billion to its users, addressing losses from platform glitches or user errors. This includes mishaps like incorrect deposits or transactions amid blockchain upgrades, with the team rectifying upwards of 381,616 such instances.
Additionally, Binance has highlighted its increased efforts to combat crimes on its platform recently. These statements come in the wake of a judge's remarks that Binance exposed ordinary crypto users to a plethora of scammers and hackers in a technically complex and nascent market.
Jimmy Su, a Chief Security Officer at Binance, attributes the escalation of fraudulent activity to the surging prices of cryptocurrencies, with "rug pulls" being particularly prevalent. In these scams, ephemeral projects pilfer funds and then reemerge under another name.
The majority of the beginners will have a lot of challenges in terms of operating their wallet in a secure way,Jimmy shared his observations.
Beyond longstanding legal disputes, Binance was also accused of leaking sensitive user data via GitHub. Though the exchange quickly removed the exposed data, it denied any information leak, a claim that hasn't satisfied the broader crypto community's concerns.
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