Binance Intelligence Head Discusses Strategies to Prevent Financial Crime

In the year 2024 alone, the Web3 ecosystem experienced over 760 security incidents, resulting in losses exceeding $2.3 billion .

In February 2025 alone, cryptocurrency thefts saw an unprecedented surge, with nine major hacking incidents leading to a total loss of $1.53 billion , a 20-fold increase compared to the previous month .

Erin Fracolli , the Global Head of Intelligence and Investigations at Binance, discusses the role of centralized exchanges vs. DeFi in Crime Prevention .

Centralized exchanges (CEXs) serve as gatekeepers against financial crime, implementing KYC/AML checks, transaction monitoring, and regulatory cooperation to detect illicit activities.

In 2024 alone, Binance helped prevent over $2.4 billion in potential fraud losses and froze millions in illicit transactions linked to high-profile cyberattacks.

The crypto industry faces increasingly sophisticated security threats, driven by AI-powered cybercrime, state-sponsored attacks, and vulnerabilities in emerging technologies.

Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces.

She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete.

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