In the midst of a bull market, cryptocurrency exchange Binance said that it had recovered over $4 billion in customer deposits in the last two years. The firm aims to improve its operations under the new management.
According to the data, there were 381,616 instances of cryptocurrency tokens being deposited to the incorrect address between 2022 and 2023. Project upgrades and incompatible assets were the main causes of virtual currency stuckness.
Similar incidents are anticipated as more people get interested in cryptocurrency, according to Binance Chief Security Officer Jimmy Su. He clarified that beginners still struggle with securely managing wallets and on-chain addresses, pointing out that this is a common occurrence as cryptocurrency matures.
The paper also notes that frauds and rug pulls are becoming more common as interest in cryptocurrency grows after spot Bitcoin ETFs were approved. Since FTX crashed in 2022, centralized exchanges have registered the biggest spot Bitcoin (BTC) trading volume. According to crypto.news, volumes on Binance hit $17 billion on February 28.
Su continued, saying that in order to prevent rogue actors and to keep the budding cryptocurrency ecosystem healthy as it welcomes new members, industry leaders need to pool resources and assist industry stakeholders.