Dubai, United Arab Emirates, September 20th, 2024, Chainwire

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is enhancing its security measures using advanced AI technology to combat hackers and malicious actors. In the first half of 2024, Bybit managed 32 million withdrawals and prevented over $79 million in client asset losses by scrutinizing nearly $1 billion in suspicious withdrawal attempts. Additionally, more than $37 million in project funds were secured.

Fraud Prevention in an Evolving Threat Landscape

With increasing cryptocurrency adoption, fraudsters and hackers are targeting users and institutional weaknesses. Bybit stands as a key defense, utilizing sophisticated AI-driven security protocols to counter illicit activities. As AI technologies evolve, security experts are prompted to reassess their strategies.

Covering Every Vulnerability with AI-Driven Protection

Bybit’s AI deployment acts as a strong barrier against emerging threats. It secures user wallets and identifies complex, AI-enhanced fraud attempts. Users can enable multi-channel verifications and biometric authentication for improved identity security. For example, Bybit recently thwarted a face-swapping fraud attempt aimed at its KYC process through advanced detection systems.

A “Safety-first” Approach to Trading

“One of the main reasons users choose centralized exchanges is their high level of security. Bybit invests heavily in resources to protect our 40 million customers, ensuring their assets are secure,” said Helen Liu, COO of Bybit.

“We are pleased to have kept the fraudulent rate in withdrawals below 10% in the first half of 2024, and are committed to bolstering our defenses for a secure Bybit experience,” added Liu.

Raising the Bar for Industry Security

Bybit has announced a comprehensive security upgrade, verified by blockchain auditor CertiK. Their safety model secured a 10/10 trust score on CoinGecko. By leveraging advanced security frameworks, Bybit ensures user assets are stored in infrastructures resistant to severe hacking attempts.

With a commitment to fostering trust in the Web3 ecosystem, Bybit aims to deliver top-tier security standards and set new benchmarks in the industry.

Bybit /#TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional trading platform with a fast matching engine, 24/7 customer support, and multilingual assistance. Bybit is also partnered with Formula One’s reigning champions, the Oracle (NYSE:ORCL) Red Bull Racing team.

For more details about Bybit, visit Bybit Press. For media inquiries, contact: [email protected]

This article was originally published on Chainwire.