Binance has recovered $4.4 billion in digital assets for users experiencing deposit errors in the past two years, highlighting common issues like incorrect wallet addresses and blockchain updates.
They resolved over 381,000 cases, emphasizing industry support for ecosystem growth. Despite challenges, including a $4.3 billion plea agreement with the US DOJ and scrutiny in Nigeria, Binance continues its efforts to uphold integrity and assist users.
The report highlights various reasons behind fund mishandling in the cryptocurrency space, including errors in wallet addresses and issues arising from blockchain upgrades. Binance resolved over 381,000 cases of undeposited cryptocurrency in 2022 and 2023.
This comes as the exchange changes following a guilty plea to US charges of anti-money laundering and sanctions violations, with a $4.3 billion fine imposed. Binance emphasizes the importance of industry leaders supporting the emerging marketplace to protect users and maintain integrity.
The analysis coincides with a surge in Bitcoin enthusiasm following the successful launch of US exchange-traded funds holding the coins.
Jimmy Su, Binance’s chief security officer, notes a return of “rug pulls” scams amid bullish market sentiment and suggests that fund mishandling may persist, particularly among beginners. He attributes this to the industry’s maturing process, with newcomers facing challenges in operating wallets securely.
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