Binance announced in a recent article that it has recovered over $4.35 billion worth of cryptocurrencies for users who made improper deposit operations in the past two years.
In the world of cryptocurrencies, it is quite common and tricky for tokens to not be correctly deposited due to operational errors. Binance, the world’s largest cryptocurrency exchange, stated yesterday (29th) that it has recovered $4.4 billion worth of cryptocurrencies for users who made improper deposit operations in the past two years.
In its report on Thursday, Binance wrote that users, especially beginners, may lose tokens due to various factors, such as entering the wrong wallet address, selecting the wrong blockchain network, or facing network issues, blockchain upgrades, or wallet maintenance problems that prevent them from being correctly credited.
In cases of incorrect token deposits, how can assets be recovered? What precautions should be taken when transferring tokens? How much handling fee may be required for token recovery? You can refer to a beginner’s guide written last year in the Zone Magazine. In addition, Binance has also written articles providing relevant answers to the aforementioned questions.
The fees and time required by the Binance team to assist users in recovering lost funds vary depending on the users’ operations.
Binance Security Chief Jimmy Su warned that with the recent optimistic sentiment in the cryptocurrency market, Rug Pull (a cryptocurrency scam where developers hype up a project to attract funds and then run away) is making a comeback.
He also stated that as beginners enter the market, cases of improper fund operations may continue. “This is part of the maturing process of the cryptocurrency industry, and most beginners face many challenges in wallet operations.”
In addition, in terms of hacker attacks, theft, and fraud incidents, the Binance security team has also helped freeze and/or recover over $55 million in user funds in 2023.
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