{"id":94164,"date":"2024-09-21T14:46:18","date_gmt":"2024-09-21T18:46:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=94164"},"modified":"2024-09-21T14:48:08","modified_gmt":"2024-09-21T18:48:08","slug":"bybit-reveals-abnormal-withdrawals-during-h1-2024","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-reveals-abnormal-withdrawals-during-h1-2024\/","title":{"rendered":"Bybit Reveals Over $940m in Abnormal withdrawals During H1 2024"},"content":{"rendered":"\n

Bybit reported about $1 billion in questionable withdrawal requests<\/a> during the first half of 2024, demonstrating that fraudsters are still targeting crypto exchanges.\u00a0<\/p>\n\n\n\n

\"Bybit
Bybit Reveals Over $940m in Abnormal withdrawals During H1 2024<\/figcaption><\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

Using artificial intelligence technology to detect and stop fraudulent activity<\/a>, the exchange's increased security procedures have saved over $79 million in client funds, according to a news statement dated September 20.\u00a0<\/p>\n\n\n\n

Additionally, Bybit detected anomalous withdrawal requests totaling $940 million, of which more than 8.4% were verified as fraudulent attempts. <\/p>\n\n\n\n

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\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, which include biometric authentication and behavioral analytics.<\/p>\n\n\n\n

Bybit tightens security amid industry scrutiny<\/h2>\n\n\n\n

The fraudulent withdrawal rate in the first half of 2024, according to Bybit's chief operating officer Helen Liu, was “below 10%.” <\/p>\n\n\n\n

With the exchange coming under increased industry scrutiny, security is the exchange's top priority. Because of worries about Bybit's authentication procedures<\/a>, global prime broker Hidden Road stopped trading for its customers there in May. <\/p>\n\n\n\n

A spokesman highlighted the company's dedication to openness, even though the exchange had not publicly addressed the problem. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Bybit reported about $1 billion in questionable withdrawal requests during the first half of 2024, demonstrating that fraudsters are still targeting crypto exchanges.\u00a0 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 […]<\/p>\n","protected":false},"author":43,"featured_media":94165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[662,21952,1929],"class_list":["post-94164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-bybit","tag-h1-2024","tag-withdrawals"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/croc_1726942455576.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=94164"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/94165"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=94164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=94164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=94164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}