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How Binance Stopped $129M in Scams Using AI in 2024
In a remarkable feat of technological prowess and commitment to user protection, Binance has successfully utilized artificial intelligence (AI) and machine learning capabilities to prevent an astonishing $129 million in potential scams during the year 2024. The platform’s innovative approach has effectively blacklisted 47,000 suspicious wallet addresses and frozen countless shady transactions.
As part of its efforts, Binance has also set up a complex system that allows users to report possible fraud within a 24-hour window before damage is done. This proactive measure enables the company to freeze transactions deemed suspicious, thereby giving users a chance to recover their funds in time.
The platform’s AI-powered security measures have resulted in the recovery of $9 million every month, ensuring timely assistance and compensation for scam victims. Furthermore, the exchange has utilized over 50 machine-learning models that are continually updated with 14 significant upgrades throughout the year. These sophisticated algorithms allow Binance to stay ahead of evolving fraudulent strategies, thereby guaranteeing an unparalleled level of security and trust within the cryptocurrency market.
By setting a new standard for crypto security, Binance has solidified its position as a pioneer in user protection, demonstrating unwavering commitment to providing a safe and secure trading environment.
Source: www.crypto-news-flash.com
