Bybit Enhances Security with AI Technology
Dubai, United Arab Emirates, September 20th, 2024, Chainwire
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is prioritizing security measures by utilizing cutting-edge AI technology to combat hackers and bad actors. In the first half of 2024, Bybit successfully protected users by executing 32 million withdrawals, preventing the loss of over $79 million in client assets by vetting close to $1 billion in suspicious withdrawal attempts. Additionally, more than $37 million in project funds were safeguarded.
Preventing Fraudulent Activities
- Bybit focuses on safeguarding hot wallets and cold wallets to prevent hacking and fraud.
- The exchange has enhanced its verification processes, especially for large transactions and high-risk withdrawals.
- Over $940 million in cryptocurrency was involved in abnormal withdrawal requests in the first six months of 2024, with 8.4% confirmed as fraudulent attempts.
Fraud Prevention in an Evolving Threat Landscape
As the adoption of cryptocurrencies expands, fraudsters and hackers target individual users and institutional vulnerabilities. Bybit, as a leading crypto exchange, plays a vital role in defending against these threats by implementing advanced AI-driven security protocols to thwart illicit schemes.
AI-Driven Protection at Every Level
Bybit’s use of AI technology serves as a robust shield against evolving risks. The exchange secures user wallet systems and detects complex fraud attempts through its enterprise-level AI defenses.
- Users can opt into multi-channel verifications and biometric authentication for secure identity verification.
- Bybit’s risk engine successfully blocked a hacker’s attempt using face-swapping technology to bypass facial verification in the KYC process.
- A proprietary risk control engine and user behavioral analytics models aid in fraud detection and prevention.
A Commitment to Safety
“One of the main reasons users choose centralized exchanges is the high level of support and protection they offer. Bybit invests heavily in software, hardware, and talent to ensure our 40 million customers can trade with confidence, knowing their assets are secure.” – Helen Liu, COO of Bybit.
Bybit aims to keep the fraudulent rate in withdrawals below 10% and continuously strengthens its defenses to ensure a safe trading environment for all users.
Raising Industry Standards
Bybit recently announced a comprehensive upgrade to its security measures, earning a 10/10 trust score on CoinGecko verified by blockchain auditor CertiK. By employing multi-faceted security frameworks and highly secure vaults, Bybit ensures that users’ assets are stored in infrastructure capable of withstanding hacking attacks.
With a dedication to establishing trust in the Web3 ecosystem, Bybit strives to set new security standards for the industry.
#Bybit /#TheCryptoArk
This article was originally published on Chainwire
Analysis:
Bybit’s proactive approach to security is commendable in the ever-evolving landscape of cryptocurrency threats. Utilizing AI technology to fortify its defenses, Bybit ensures that user assets are protected from fraudulent activities and hacking attempts. With a focus on multi-channel verifications, biometric authentication, and a dedicated team of security experts, Bybit maintains a high level of security for its 40 million customers.
Bybit’s commitment to keeping the fraudulent rate in withdrawals below 10% demonstrates its dedication to maintaining a safe trading environment. The recent upgrade of security measures, resulting in a perfect trust score on CoinGecko, solidifies Bybit’s position as a leader in industry security standards.
For users entering the world of cryptocurrencies, Bybit’s emphasis on security highlights the importance of choosing a reliable exchange with robust security measures. Bybit’s use of AI technology and advanced security protocols not only protects user assets but also sets a benchmark for security practices within the industry, ensuring a safer trading experience for all participants.