Suspicious Withdrawal Requests on Bybit Reach Nearly $1 Billion in First Half of 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Suspicious Withdrawal Requests
  2. Bybit's Security Measures
  3. Scandals and Challenges


    4. Fraudsters continue targeting crypto exchanges, with Bybit reporting nearly $1 billion in suspicious withdrawal requests during the first half of 2024.

    Suspicious Withdrawal Requests

    Bad actors seem to be ramping up efforts to defraud crypto exchanges. Bybit detected nearly $1 billion in suspicious withdrawals during the first half of 2024. According to a press release dated September 20, the exchange said it prevented over $79 million in client assets from being lost through its enhanced security measures.

    Bybit's Security Measures

    Bybit also flagged abnormal withdrawal requests totaling $940 million, with over 8.4% confirmed as fraud attempts. The exchange states its AI-powered systems, including biometric authentication and behavioral analytics, played a key role in thwarting a recent attempt involving face-swapping technology aimed at bypassing facial verification.

    We strive to keep the fraudulent withdrawal rate below 10%.Helen Liu, Bybit's COO

    Scandals and Challenges

    In May, international prime broker Hidden Road halted trading for its clients on Bybit, citing concerns over its verification practices. Although Bybit has not publicly addressed the issue, a spokesperson emphasized the company’s commitment to transparency. Despite these challenges, Bybit has executed over 30 million withdrawals and protected more than $37 million in project funds since the start of the year.

    Bybit continues to tighten its security measures amid a growing threat landscape. The exchange remains firmly committed to protecting its clients' assets despite facing ongoing challenges and scandals.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

China Launches Investigation into AI Labs for Data Misuse

China has launched an investigation into AI labs DeepSeek and Moonshot AI for allegedly routing sensitive user data to Anthropics servers.

user avatarNguyen Van Long

Lion Group Holding Adds HYPE Tokens to Corporate Treasury

Lion Group Holding has disclosed a corporate treasury position of approximately 195,000 HYPE tokens, marking a significant move in corporate crypto asset holdings.

user avatarSatoshi Nakamura

Zcash ETP Gains Traction Amidst Market Surge

Zcash has seen a remarkable price increase this year, with gains exceeding 2,700%, fueled by the launch of the Zcash exchange-traded product (ETP) by 21Shares, providing a regulated way for investors to gain exposure to Zcash.

user avatarJesper Sørensen

21Shares Launches Europe's First Zcash ETP

21Shares has launched the first Zcash ETP in Europe, available on Euronext Paris and Amsterdam, with a 25% management fee.

user avatarRajesh Kumar

Valour Introduces AI-Driven Smart Crypto Fund SP

Valour has launched the Smart Crypto Fund SP, featuring an AI-driven allocation engine that dynamically adjusts exposure among major digital assets.

user avatarLucas Weissmann

US Spot Bitcoin ETFs Experience Nearly $1 Billion Inflows

On September 21, US spot Bitcoin ETFs recorded nearly $1 billion in net inflows, marking the largest single-session total of 2026.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.