Cryptocurrency exchange Bybit has leveraged advanced AI technology to screen nearly $1 billion in suspicious withdrawal attempts in the first half of 2024.
By using machine learning algorithms, AI can rapidly and accurately analyze large amounts of data to detect suspicious transactions and patterns that could signal fraudulent activity.
Bybit’s AI-driven risk engine thwarted over 8.4% of these withdrawals, preventing the loss of more than $79 million in client assets and $37 million in project funds.
The exchange processed 32 million withdrawals, securing both hot and cold wallets with strict verification protocols. Bybit applies extra scrutiny to high-risk and large transactions to protect users from fraud in an ever-changing threat landscape.
Bybit’s risk control engine and AI technology help defend against advanced fraud attempts, including AI-driven schemes. The platform’s AI detects unusual withdrawal patterns and complex fraud, like a recent attempt using face-swapping technology to bypass its KYC process. The system successfully blocked the attempt through live face detection and virtual camera monitoring.
In addition to AI-driven fraud detection, Bybit uses multi-channel verifications, biometric authentication, and a team of over 50 risk and security experts to monitor suspicious activities. This multi-layered approach has enabled Bybit to maintain a fraudulent withdrawal rate below 10% in 2024.
Bybit’s security efforts were recently recognized by CertiK, a blockchain auditor, and earned the platform a perfect 10/10 trust score on CoinGecko. The exchange continues to raise the bar for industry security through regular upgrades to its infrastructure, ensuring that user assets are protected by state-of-the-art technologies.
Bybit’s security measures were recently acknowledged by blockchain auditor CertiK, earning the platform a perfect 10/10 trust score on CoinGecko. The latter provides fundamental analysis of cryptocurrency markets through intricate valuation methodologies revolving around market capitalization, volume and price.
In June, ByBit became the world’s second-largest exchange by trading volume, surpassing Coinbase and chipping away at Binance’s market share amidst global regulatory challenges for Binance.
“We are committed to strengthening our defenses and ensuring every aspect of the Bybit experience is safe and secure,” said Helen Liu, Bybit’s Chief Operating Officer, emphasizing the platform’s focus on delivering the highest security standards for its 40 million customers.
“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 that our 40 million customers can trade with confidence, knowing that their assets are protected by the most secure blockchain security measures.” said Helen Liu, Chief Operating Officer of Bybit.
“We are pleased to have kept the fraudulent rate in withdrawals below 10% in the first half of 2024, and we are committed to strengthening our first lines of defenses to ensure that every aspect of the Bybit experience is safe and secure,” continued Liu.
