Bybit reported about $1 billion in questionable withdrawal requests during the first half of 2024, demonstrating that fraudsters are still targeting crypto exchanges.Â
With Bybit reporting around $1 billion in suspicious withdrawals during the first half of 2024, scammers appear to be stepping up their efforts to swindle cryptocurrency exchanges.
Using artificial intelligence technology to detect and stop fraudulent activity, the exchange’s increased security procedures have saved over $79 million in client funds, according to a news statement dated September 20.Â
Additionally, Bybit detected anomalous withdrawal requests totaling $940 million, of which more than 8.4% were verified as fraudulent attempts.
An attempt to “bypass facial verification through the use of face-swapping technology” was recently foiled, according to the exchange, thanks largely to its AI-powered systems, which include biometric authentication and behavioral analytics.
Bybit tightens security amid industry scrutiny
The fraudulent withdrawal rate in the first half of 2024, according to Bybit’s chief operating officer Helen Liu, was “below 10%.”
With the exchange coming under increased industry scrutiny, security is the exchange’s top priority. Because of worries about Bybit’s authentication procedures, global prime broker Hidden Road stopped trading for its customers there in May.
A spokesman highlighted the company’s dedication to openness, even though the exchange had not publicly addressed the problem.
Reiterating its commitment to security in the face of an expanding danger landscape, Bybit claims that, in spite of these difficulties, it has protected over $37 million in project funds and completed over 30 million withdrawals since the beginning of the year.
