As part of its efforts towards combating crypto-oriented exploitations, popular crypto exchange, Binance has collaborated with law enforcement agencies across the globe. This development was confirmed in a Twitter post by the CEO of Binance, Changpeng Zhao. Notably, the exchange wants to harness the partnership to carry out a joint anti-scam campaign across the globe.
Worthy of note that the crypto space has continued to battle increasing rate of exploitations. The exploiters usually employ numerous strategies, including compromising the smart contracts of protocols to steal investors’ funds. Just within 2022, hackers pilfered more than $2 billion, thereby raising questions about the security of crypto platforms. In a bid to reduce the menace of these exploitations, Binance and its CEO, Zhao has been consistent in recovering stolen funds and identifying perpetrators.
Binance and its notable efforts towards curbing crypto scam
Recall that in August, the exchange froze 80% of the funds exploited through Curve Finance. Earlier, the protocol suffered the loss of about $570,000 after a hacker compromised the domain name system of the network. Through the aid of Binance, about $450,000 were recovered. In September, the exchange also identified two suspects in connection with the exploitation of KyberSwap. These suspects allegedly compromised the smart contracts of the platform to steal $265,000. After identifying them, Binance also engaged law enforcement agencies to nab them.
Further, Binance helped Axie Infinity to recover $5.8 million stolen by hackers in early 2022. Worthy of note that the U.S security officials linked the attack to a North Korea’s hacker team, identified as “Lazarus.” Just recently, the exchange partnered with Huobi to stop hackers from laundering funds stolen from Harmony bridge. According to CZ, the hacker made an attempt to launder the funds from Huobi. Immediately, Binance reached out to Huobi to forestall the transaction. Through this collaborative effort, about 121 BTC equivalent to $2.5 million was recovered.
Now, Binance wants to further engage law enforcement agencies across the globe to fully combat the problem. As part of its commitment to achieving this, it partnered with Hong Kong Police Force (HKPF) on its Virtual Asset Investigation Course (VAIC). Through the program, the exchange wants to strengthen the activities of law enforcement agencies against crypto scam within Hong Kong. Its enforcement training and investigation team conducted several orientations for the police representatives. Going forward, the exchange wants to work with law enforcement agencies in other regions too. Through this, Binance aims to further cement its anti-crime initiate across the globe.
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