Binance secures $73 million in stolen funds amidst crypto market rebound
- Binance secured over $73 million worth of stolen crypto from external parties this year.
- The exchange surpassed $55 million secured in 2023, per an official announcement.
- Crypto continues to rebound with total market capitalization back above $2.154 trillion and the top 30 cryptos beginning a recovery.
- BNB rallies 5%, hovers around $500 early on Thursday.
Binance, one of the largest cryptocurrency exchanges by volume, announced that it recovered stolen user funds from external parties through proactive efforts. The exchange continues the practice year after year, and nearly 80% of funds lost to external exploits make their way back to users.
BNB, the native token of the exchange, rallied nearly 5% on Thursday. BNB trades at $505 at the time of writing.
Binance’s security team helps users recover $73 million in crypto stolen in exploits
Binance made an official announcement confirming that $73 million in user funds lost to exploits by external parties have been recovered so far in 2024. The number is nearly 33% higher than the $55 million secured in 2023.
Binance recovered approximately 80% of user funds lost to theft, hacks and exploits by freezing funds transferred by malicious parties to the exchange, as of July 31, 2024.
As of July 31, #Binance has secured over $73M in stolen user funds from external parties in 2024, surpassing the $55M secured in 2023!
— Binance (@binance) August 8, 2024
Through proactive efforts, we've recovered lost digital funds, with ~80% related to external exploits.
Read more https://t.co/artud81OBh
BNB rallies 5%, hovers around $500
Binance Coin (BNB) hovers around $500 early on Thursday, trades at $506.20 at the time of writing. BNB is likely to extend its gains by another 18.30% to hit its $600 target. This marks a key level for the token, and it was respected as a support between mid-March and end of July 2024.
BNB faces resistance at $560.90, the 50% Fibonacci retracement level of the decline from the June 6 top of $721.80 to the August 5 low of $400, as seen in the BNB/USDT daily chart.
BNB/USDT daily chart
BNB could find support in the Fair Value Gap (FVG) between $434 and $462 as well. BNB could collect liquidity in this imbalance zone and rally toward its target thereafter.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
