Binance's Anti-Scam Technologies: 2024 Summary

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by Giorgi Kostiuk

2 years ago

In its end-of-year report, Binance highlighted the use of AI and ML technologies for digital asset protection in 2024.

Anti-Scam Initiative

The report states that Binance successfully recovers about $9 million of stolen funds monthly, and has made over 30,000 calls to warn of potential scams, issuing at least 15,000 alerts daily to users. Consequently, more than 47,000 malicious addresses were blacklisted, and over $129 million was prevented from being swindled. Binance uses machine learning and AI technologies to analyze complex transaction patterns and detect potential criminal activities.

Binance's Wins Over Crypto Thieves

Since the beginning of the year, Binance has helped recover significant sums of stolen funds. In October, the company helped the Delhi police uncover a scam, recovering 100,000 USDT. In September, a scam involving $47.6 million was stopped, and in August, Binance's risk management prevented $2.4 billion in potential losses attributed to presumed scammers. These successes highlight Binance's effective systems in combating digital crimes.

The technologies used by Binance have been effective in protecting users from scams in 2024, emphasizing the importance of innovation in digital asset security.

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