Binance stated in a recent article that it has recovered over $4.35 billion worth of cryptocurrencies for users who made improper deposit operations in the past two years.
(Brief summary:
Binance remains the leader in the exchange market even after settling with the United States, with over $5 billion in funds flowing in the past two months.)
(Background information:
Crypto Currency Guide: What to do if you send crypto to the wrong network address, can it still be recovered? How to avoid mistakes.)
In the world of cryptocurrencies, issues arise frequently and are quite tricky when tokens are not properly deposited due to operational errors. Binance, the world’s largest cryptocurrency exchange, announced yesterday (29th) that it has recovered $4.4 billion worth of cryptocurrencies for users who made improper deposit operations in the past two years.
In its report on Thursday, Binance wrote that users, especially newcomers, tend to lose tokens due to various factors, including entering the wrong wallet address, selecting the wrong blockchain network, or encountering issues such as network problems, blockchain upgrades, or wallet maintenance that prevent correct depositing.
Further reading:
Crypto Currency Guide: What to do if you send crypto to the wrong network address, can it still be recovered? How to avoid mistakes.
Cases of mistakenly depositing tokens are common. How can assets be recovered? What precautions should be taken when transferring tokens? How much transaction fees might be required to recover tokens? You can refer to the beginner’s guide written by Binance last year. Additionally, Binance has also written articles providing relevant answers to the aforementioned questions.
The fees and time required for Binance’s team to help users recover lost funds vary depending on the users’ operations.
Binance Security Chief warns: Rug Pulls will become rampant again during a bull market.
Furthermore, in terms of hacking attacks, thefts, and fraud incidents, Binance’s security team has also helped freeze and/or recover over $55 million in user funds in 2023.
Jimmy Su, Binance’s Security Chief, warned in an interview with Bloomberg that as the sentiment in the cryptocurrency market has recently turned bullish, Rug Pulls (a type of cryptocurrency scam where developers hype a project to attract funds and then disappear) are making a comeback.
He also stated that with newcomers entering the market, cases of improper fund operations may continue. “This is part of the maturing process of the cryptocurrency industry, and most newcomers face many challenges in wallet operations.”
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