Binance: Since 2024, it has successfully prevented more than $2.4 billion in potential user losses, affecting more than 1.2 million users

Binance announced that it has successfully prevented more than $2.4 billion in losses from potential scams and fraudulent activities that could have affected more than 1.2 million users from January to July 2024. Binance uses an advanced internal risk engine that uses a hybrid approach based on artificial intelligence (AI) and manual review to monitor in real time around the clock. Of the $2.4 billion in prevented losses recorded so far this year, withdrawals related to suspected cryptocurrency scams accounted for more than $1.1 billion, or about 45% of the total amount. “User-centricity has always been Binance’s top priority, reflecting our commitment to building and maintaining industry-leading technical tools and security processes that enable us to protect users and their assets around the clock,” said Rohit Wad, Binance CTO. He also added, “We want users to be vigilant and take responsibility for their own security. While our team has implemented extensive measures to protect your funds, users themselves always play the biggest role in protecting their assets. Stay informed, use strong security measures, and be vigilant about potential scams.”