2024

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Fraudsters continue targeting crypto exchanges, with Bybit reporting nearly $1 billion in suspicious withdrawal requests during the first half of 2024. 
Bad actors seem to be ramping up efforts to <a href="https://crypto.news/tag/fraud/" target="_blank">defraud</a> crypto exchanges, with <a href="https://crypto.news/tag/bybit/" target="_blank">Bybit</a> detecting nearly $1 billion in suspicious withdrawals during the first half of 2024. 
In a Sept. 20 <a href="https://www.globenewswire.com/en/news-release/2024/09/20/2949660/0/en/Strengthening-Crypto-Security-Bybit-s-AI-Risk-Engine-Fortifies-Hot-and-Cold-Wallets-Screening-1-Billion-in-Withdrawals-in-First-Half-of-2024.html" target="_blank">press release</a>, the exchange said it prevented over $79 million in client assets from being lost through its enhanced security measures, which leverage artificial intelligence technology to detect and block fraudulent activities. 
Bybit also flagged abnormal withdrawal requests totaling $940 million, with over 8.4% confirmed as fraud attempts. The exchange says its <a href="https://crypto.news/tag/ai/" target="_blank">AI</a>-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.” 
 You might also like: <a rel="" href="https://crypto.news/bybit-winds-down-services-in-france-as-regulatory-pressure-mounts/"> Bybit winds down services in France as regulatory pressure mounts </a> 
<h2 class="wp-block-heading" id="bybit-tightens-security-amid-industry-scrutiny">Bybit tightens security amid industry scrutiny</h2> 
Bybit’s chief operating officer Helen Liu says the fraudulent withdrawal rate remained “below 10%” during the first six months of 2024. The exchange’s focus on security comes as the exchange faces broader industry scrutiny. 
In May, international prime broker Hidden Road <a href="https://crypto.news/citadel-securities-backed-broker-hidden-roads-halts-access-to-bybit/" target="_blank">halted</a> trading for its clients on Bybit, citing concerns over its verification practices. Although the exchange has not addressed the issue publicly, a spokesperson emphasized the company’s commitment to transparency. 
Despite these challenges, Bybit says it executed over 30 million withdrawals and protected more than $37 million in project funds since the start of the year, reaffirming its commitment to security amid a growing threat landscape. 
 Read more: <a rel="" href="https://crypto.news/bybit-secures-provisional-approval-for-crypto-operations-in-dubai/"> Bybit secures provisional approval for crypto operations in Dubai </a>

Bybit reveals over $940m in abnormal withdrawals during H1 2024

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