Binance Exchange has announced that it is heavily involved in helping Contract Tech fraud victims since 2017/18 recover their lost funds.

For the past two years, the digital currency ecosystem has been experiencing a lot of cybercrime activity, with most victims having to count their losses despite government intervention in some cases. In the Contra Tech case, the US government has helped recover up to 100,000 ETH tokens belonging to up to 170,000 victims.

As planned by the government, the money will be used to fund a referral group from which these victims will be compensated. With all the plans in place, a major snag is identifying the real victims who should be entitled to restitution.

This is where Binance said it is helping the government identify these victims, thus increasing the likelihood of helping them recover their lost assets.

“We do not condone crime in any way, and we are proud to work with the US Department of Justice (DOJ) to reach out to the victims of the Centra Tech fraud,” said Binance CEO Changpeng Zhao. “We are delighted that tens of thousands of users are able to get their money back. Protecting users has always been our primary focus, and we have greatly improved our capabilities to do so since the Centra Tech fraud occurred five years ago.

We continue to proactively collaborate with regulators, law enforcement, and other stakeholders to create a safe and well-regulated crypto ecosystem that brings the benefits of modern finance to all. The success of the Justice Department, in this case, is an extremely important step for our rapidly maturing industry.”

Binance plays a frontline role in fighting crime in the broader crypto ecosystem. The trading platform helped Ronin Bridge recover up to $5.8 million when it was hacked by the Lazarus Group in May. As a member of different criminal organizations in the crypto space, Binance is committed to keeping the industry as safe as possible.

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