Dubai, United Arab Emirates, September 20, 2024, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is stepping up its security efforts, using cutting-edge AI technology to defend against hackers and malicious actors. In the first half of 2024, Bybit protected users by executing 32 million withdrawals and prevented the loss of over $79 million in customer assets by screening nearly $1 billion in suspicious withdrawal attempts. Over $37 million in project funds were also safeguarded.
As part of its tiered approach to fund security, Bybit’s focus on protecting hot and cold wallets plays a critical role in preventing hacking and fraud. Bybit has strengthened its verification processes, applying extra scrutiny to large transactions and high-risk withdrawals. While most fraudulent attempts were prevented in the early stage, the exchange detected abnormal withdrawal requests involving over $940 million worth of cryptocurrency during the first six months of 2024, with over 8.4% confirmed as fraudulent withdrawal attempts.
Fraud prevention in an ever-evolving threat landscape
As cryptocurrency adoption increases, scammers and hackers are increasingly targeting individual users and institutional vulnerabilities. Bybit, as one of the leading cryptocurrency exchange platforms, stands as a critical line of defense against these threats, employing sophisticated AI-powered security protocols to thwart illicit schemes. The rise of AI has become an area of concern for security and risk experts, prompting service providers to reconfigure their security posture.
Covering all vulnerabilities with AI-based protection
Bybit’s implementation of AI technology acts as a solid shield against ever-evolving risks. From protecting users’ wallet systems to detecting complex AI-based fraud attempts, Bybit’s enterprise-grade AI strengthens every layer of its defenses.
All Bybit users can opt for multi-channel verifications and biometric authentication to ensure their identities are securely verified. For example, Bybit’s risk engine recently thwarted an attempt to use face-swapping technology intended to bypass facial verification in its Know Your Customer (KYC) process. Thanks to its live face detection and virtual camera detection, Bybit’s system quickly blocked the hacker’s attempt.
With a proprietary risk control engine and user behavior analysis models, Bybit streamlined fraud detection with a combination of automated and human scrutiny. The wealth of data and algorithmic processes help the system and a team of over 50 risk and security experts detect irregular behavior patterns and sound the alarm on suspicious activity. The approach significantly reduces the risk of unauthorized access, instructions, and withdrawals.
A security-first approach to negotiation
“One of the main reasons users choose to use centralized exchanges is the high level of support and protection they offer. Bybit invests heavily in software, hardware, and talent to ensure our 40 million customers can trade with confidence, knowing their assets are protected by the most secure blockchain security measures,” said Helen Liu, COO of Bybit.
“We are pleased to have kept the fraudulent withdrawal rate below 10% in the first half of 2024, and we are committed to strengthening our first lines of defense to ensure that every aspect of the Bybit experience is safe and secure,” Liu continued.
Raising the bar for safety in the industry
Bybit has recently announced a comprehensive upgrade to its security measures. Verified by blockchain auditor CertiK, Bybit’s state-of-the-art security model helped it earn a 10/10 trust score on CoinGecko. By leveraging multifaceted security frameworks and heavily protected vaults, Bybit ensures that its users’ assets are stored on infrastructures designed to withstand even the most vigorous hacking attacks.
With its commitment to building lasting trust in the Web3 ecosystem, Bybit aims to offer the highest security standards to set new security standards for the industry.
#Bybit / #ElArcoCrypto
About BybitBybit is the world's second-largest cryptocurrency exchange platform by trading volume and boasts over 40 million users. Founded in 2018, Bybit offers a professional platform where cryptocurrency investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of the reigning Formula One constructors' and drivers' champions – the Oracle (NYSE:) Red Bull Racing Team. For more details about Bybit, readers are welcome to visit Bybit Press. For media inquiries, readers are welcome to contact: [email protected] For more information, readers are welcome to visit: Updates, readers are welcome to follow: Bybit Communities & Social Media ContactHead of Public RelationsTony AuBy bit[email protected]
This article was originally published on Chainwire
