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Binance France President: 'Binance has secured over $73M in stolen user funds from external parties in 2024'

Web3/Crypto

Binance France President David Princay | LinkedIn/david-princay

By Crypto Republique

Aug 14, 2024

David Princay, the president of Binance France, stated that Binance has recovered more than $73 million in "stolen user funds" so far this year. Princay shared his statement in an August 8 post on X.

"As of July 31, #Binance has secured over $73M in stolen user funds from external parties in 2024, surpassing the $55M secured in 2023," said Princay. "Through proactive efforts, we've recovered lost digital funds, with ~80% related to external exploits."

According to a Binance blog post, "Through proactive efforts and collaboration with industry players and the public sector, Binance has successfully helped users recover misplaced and lost digital funds, with approximately 80% of recoveries related to external hacks, exploits, and theft." The company has been successful in assisting Web3 users and industry peers in recovering misplaced and lost digital assets. Binance also collaborates closely with the public sector to ensure affected users receive the necessary assistance.

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Chief Security Officer at Binance, Jimmy Su, said their success stems from a user-focused culture dedicated not only to protecting Binance users but also to "enhancing the overall security of the cryptocurrency ecosystem," according to Binance’s blog. "Market growth and volatility, as observed in recent months, often bring an influx of new investors who may be more susceptible to scams and hacks, and elevated prices during these periods can result in larger monetary losses," Su said.

According to the Chainalysis 2024 Crypto Crime Report, the total value received by illicit cryptocurrency addresses in 2023 was $24.2 billion, representing a decrease from $39.6 billion in 2022. The share of all crypto transaction volume associated with illicit activity also fell from 0.42% to 0.34% in 2022. These reductions emphasize the effectiveness of proactive security measures in the industry, according to the report.

According to LinkedIn, Princay has been the President and General Manager of Binance France since December 2020. He previously worked as a Consultant at MAD Network, Commercial and Marketing Manager at Verseau Paris, and Pre-sales Manager at Gutenberg Technology.