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

BTCC Reports Significant Growth in Futures Trading Volume

BTCC reports a significant increase in futures trading volume, reaching 387 billion for Q3 2026, driven by demand for futures products linked to traditional financial markets.

user avatarMaria Gutierrez

Bitdeer Expands into AI Cloud and Infrastructure Services

Bitdeer is expanding into AI cloud and infrastructure services with agreements extending into 2027 and 2028.

user avatarDavid Robinson

Bitdeer Reports Significant Increase in Bitcoin Production

Bitdeer announced its Bitcoin production for September reached 1,355 BTC, a substantial increase from the previous year.

user avatarAndrew Smith

NIP Group Expands into Bitcoin Mining with New Acquisition

NIP Group has announced an agreement to purchase Bitcoin mining machines with a hash rate of approximately 447 EHs as part of its strategy to enhance its computing capacity.

user avatarJacob Williams

JP Morgan Asset Management Launches Tokenized Money Market Funds on Solana

JP Morgan Asset Management has launched two tokenized money market funds, MONY and JLTXX, on the Solana blockchain for qualified US investors.

user avatarZainab Kamara

Bitwise Dogecoin ETF Reaches Liquidation Distribution Date

The Bitwise Dogecoin ETF has reached its announced liquidation distribution date on October 22, with remaining shareholders set to receive cash based on the fund's net asset value.

user avatarSon Min-ho

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.