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Home DeFi Metaverse

Bybit’s AI Risk Engine Improves Wallet Security, Processes $1 Billion in Withdrawals in First Six Months of 2024

Alisa Davidson by Alisa Davidson
September 20, 2024
in Metaverse
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Bybit’s AI Risk Engine Improves Wallet Security, Processes  Billion in Withdrawals in First Six Months of 2024
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by
Alisa Davidson

Published: September 20, 2024 at 7:22 am Updated: September 20, 2024 at 7:22 am

by Ana

Edited and fact-checked:
September 20, 2024 at 7:22 am

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read the original article for precise information.

In Brief

Bybit announced an enhancement of its security measures by leveraging AI technology to protect users against hackers and malicious actors.

Bybit's AI Risk Engine Enhances Wallet Protection, Screening $1B In Withdrawals In First Half Of 2024

Cryptocurrency exchange Bybit announced an enhancement of its security measures by leveraging AI technology to protect users against hackers and malicious actors.

According to the exchange, during the first half of 2024, it successfully protected users by processing 32 million withdrawals and preventing the loss of over $79 million in client assets. This was achieved by scrutinizing nearly $1 billion in suspicious withdrawal attempts. Additionally, more than $37 million in project funds were also secured.

As part of its tiered strategy for fund safety, Bybit emphasizes the protection of both hot and cold wallets, which is essential for preventing hacking and fraud. Furthermore, the exchange has enhanced its verification processes by applying additional scrutiny to large transactions and high-risk withdrawals. While most fraudulent attempts were thwarted at early stages, Bybit identified unusual withdrawal requests exceeding $940 million in cryptocurrency during the first six months of 2024, with more than 8.4% confirmed as attempted fraudulent withdrawals.

Bybit’s implementation of AI acts as a defense against emerging risks. It enhances the security of user wallet systems and helps identify complex, AI-driven fraud attempts, reinforcing its protective measures. The platform provides users with multi-channel verifications and biometric authentication to ensure secure identity verification. For example, its risk engine recently intercepted an attempt using face-swapping technology designed to evade facial verification in its Know Your Customer (KYC) process.

With a proprietary risk control engine and user behavioral analytics models, Bybit has streamlined its fraud detection through a combination of automated systems and human oversight. This approach leverages data and algorithmic processes, enabling a team of over 50 risk and security experts to identify irregular behavior patterns and alert for suspicious activities. As a result, this strategy mitigates the risk of unauthorized access, instructions, and withdrawals.

Bybit Achieves Perfect Trust Score On CoinGecko

Founded in 2018, Bybit has emerged as one of the largest cryptocurrency exchanges by trading volume, boasting a user base of 20 million individuals. The platform focuses on cryptocurrency trading and offers access to over 570 payment methods, accommodating transactions in more than 60 local currencies.

Recently, it has announced a comprehensive upgrade to its security measures. Verified by blockchain auditor CertiK, Bybit’s advanced safety model achieved a perfect 10/10 trust score on CoinGecko. By implementing multi-faceted security frameworks and utilizing heavily fortified vaults, it ensures that user assets are stored in infrastructures capable of withstanding even the most aggressive hacking attempts.

“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, in a written statement. “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 defense to ensure that every aspect of the Bybit experience is safe and secure,” she concluded.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles

Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles

Bybit’s emphasis on security measures and utilization of AI technology to protect user assets from potential threats showcases its commitment to ensuring a safe trading environment for its vast user base. With a perfect trust score on CoinGecko and continuous enhancements to its security frameworks, Bybit stands as a reliable platform for cryptocurrency trading.

For more trending news articles like this, visit DeFi Daily News.



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