Binance retrieves $4.4 billion in user assets, resolves 380,000 transfer error incidents in two years

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Binance Recovers $4 Billion in Mishandled Users' Funds

Bloomberg cited a report from Binance stating that the exchange resolved 381,616 cases of user deposits not credited in 2022 and 2023. Reasons for the uncredited deposits may include:

• Incorrect wallet addresses

• Deposits to different blockchain addresses

• Blockchain upgrade issues

Binance mentioned that during these two years, it has recovered $4 billion worth of cryptocurrency assets for users.

Binance: Rug Pulls, User Deposit Errors Expected to Peak

Binance's Chief Security Officer, Jimmy Su, stated in an interview that as market sentiment turns bullish, occurrences of rug pulls and improper user fund management are expected to rise:

During bear markets, we did see a decline in rug pulls, but now, as the market heats up, we are certainly seeing the situation worsen again; additionally, with new users entering the space, deposit errors are likely to continue. Most beginners face many challenges in operating wallets, which is part of the process as the crypto industry matures.

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