Binance, the world’s largest cryptocurrency exchange, published a report on Monday showing that it foiled malicious scams on its platform that could have cost its users as much as $129 million.

The company, whose infamous co-founder Changpeng Zhao or “CZ” was recently released from prison after a four-month stint for violating the Bank Secrecy Act, has nearly 250 million registered users worldwide and sees around $65 billion in daily trading volume, according to its website.

The report states that as of November 2024, not only did Binance prevent scams totaling $129 million, but it also recovered $9.1 million in scammed funds back to victims.

“The global scam industry…has evolved into a highly organized network, with criminals using elaborate schemes to exploit unsuspecting victims,” the report states. It lists fake investment platforms, phishing attacks, and social engineering as some of the primary methods scammers use to dupe unwary investors.

ABC News recently published a story stating that, “according to the FBI, crypto investment scam losses rose from $3 billion in 2022 to $4.5 billion in 2023.” Adding that, “for the first six months of 2024, the agency received over 18,000 complaints reporting crypto-investment scams, with losses of more than $1.9 billion.”

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