Binance Secures $73M in Crypto Stolen From External Entities in 2024, BNB Rises 5%

VaselineAugust 8, 2024

0 3 minutes read

Binance has secured more than $73 million worth of stolen crypto from outside parties this year.
The exchange surpassed $55 million secured in 2023, according to an official announcement.
Crypto continues to bounce back, with total market cap once again over $2.154 trillion and the top 30 cryptos starting a recovery.
BNB is up 5%, hovering around $500 early Thursday.

Binance, one of the largest cryptocurrency exchanges by volume, has announced that it has recovered stolen user funds from external parties through proactive efforts. The exchange continues the practice year after year, and almost 80% of the funds lost due to external exploits are returned to users.

BNB, the exchange’s native ticker, rose nearly 5% on Thursday. BNB is trading at $505 at the time of writing.

Binance’s security team helps users recover $73 million in crypto stolen in exploit

Binance has made an official announcement confirming that $73 million in user funds lost to third-party exploits have been recovered so far in 2024. The number is nearly 33% higher than the $55 million secured in 2023.

Binance has 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 secured over $73 million in stolen user funds from third parties in 2024, surpassing $55 million secured in 2023!

Through proactive efforts, we recovered the lost digital funds, with ~80% related to external exploits.

Read more https://t.co/artud81OBh

— Binance (@binance) August 8, 2024

BNB is up 5%, hovering around $500

Binance Coin (BNB) is hovering around $500 early Thursday, trading at $506.20 at the time of writing. BNB is likely to extend its gains by another 18.30% to reach its target of $600. This marks a key level for the token and was respected as support between mid-March and the end of July 2024.

BNB faces resistance at $560.90, the 50% Fibonacci retracement level of the decline from the June 6 high of $721.80 to the August 5 low of $400, as seen on the daily chart BNB/ USDT.

BNB

BNB/USDT daily chart

BNB could also find support in the Fair Value Gap (FVG) between $434 and $462. The BNB could collect liquidity in this disequilibrium area and subsequently achieve its target.

Frequently asked questions about Bitcoin, altcoins, stablecoins

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 person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. 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 they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 8, 2024

0 3 minutes read