Binance Recovers $73 Million in Stolen Cryptocurrency in 2024, BNB Rises 5%

In 2024, Binance has successfully recovered over $73 million in stolen cryptocurrency, marking a 33% increase from the $55 million recovered in 2023. The exchange managed to reclaim approximately 80% of the losses by freezing funds transferred by malicious actors. As of Thursday, Binance’s native token, BNB, has risen nearly 5%, trading at $506.20, with potential to climb further to $600. BNB’s support levels are between $434 and $462. Overall, the total market capitalization of cryptocurrencies has rebounded to $2.154 trillion, with the top 30 cryptocurrencies showing signs of recovery.

This year, Binance has recovered over $73 million in cryptocurrency stolen by external entities. According to an official announcement, the exchange’s recovery efforts in 2023 amounted to over $55 million. The cryptocurrency market continues to rebound, with the total market capitalization surpassing $2.154 trillion and the top 30 cryptocurrencies beginning to recover. On Thursday morning, BNB rose by 5%, hovering around $500.

Binance, one of the largest cryptocurrency exchanges by trading volume, announced that it has proactively recovered stolen user funds from external attacks. The exchange has consistently adhered to this practice year after year, with nearly 80% of funds lost due to external attacks being returned to users.

The exchange’s native token, BNB, rose nearly 5% on Thursday. At the time of writing, BNB was trading at $505.

Binance Security Team Helps Users Recover $73 Million in Stolen Cryptocurrency

Binance officially announced that it has recovered $73 million in user funds lost to external attacks so far in 2024. This figure is nearly 33% higher than the $55 million recovered in 2023. As of July 31, 2024, Binance has reclaimed approximately 80% of user funds lost due to theft, hacking, and vulnerabilities by freezing funds transferred to the exchange by malicious actors.

As of July 31, Binance has recovered over $73 million in user funds stolen by external entities in 2024, surpassing the $55 million recovered in 2023. Through proactive efforts, we have restored lost digital funds, with approximately 80% related to external vulnerabilities.

BNB Rises 5%, Hovering Around $500

On Thursday morning, Binance Coin (BNB) hovered around $500, trading at $506.20 at the time of writing. BNB could potentially rise another 18.30% to reach the $600 target. This marks a key level for the token and is seen as a support level from mid-March to the end of July 2024.

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

BNB/USDT Daily Chart

BNB may also find support in the fair value gap (FVG) between $434 and $462. BNB can gather liquidity in this imbalance area before rebounding to its target.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Positive