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Bybit Uses AI to Prevent $116 Million in Fraud Losses

Bybit's advanced AI technology safeguards client assets, preventing over $116 million in potential losses from fraud in the first half of 2024.

1 min 05 secSeptember 20, 2024

Highlights:

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AI systems detected $940M in abnormal withdrawals.

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8.4% of withdrawals confirmed as fraudulent attempts.

Bybit Uses AI to Prevent $116 Million in Fraud Losses

In the first half of 2024, Bybit, a prominent cryptocurrency exchange, reported significant success in combating fraud through its advanced artificial intelligence (AI) systems. The platform's security measures prevented the loss of over $79 million in client assets and more than $37 million in project funds.

 

 

Bybit's AI risk engine detected abnormal withdrawal requests totaling over $940 million, with approximately 8.4% confirmed as fraudulent attempts. The system is designed to identify unusual patterns and complex fraud techniques, including attempts using face-swapping technology to circumvent Know Your Customer (KYC) protocols.

 

 

The exchange emphasized its commitment to user security by implementing robust measures that screen both hot and cold wallets. Bybit's proactive approach has fortified its defenses against potential threats, ensuring that the majority of traders' assets remain secure.

 

As the cryptocurrency landscape continues to evolve, Bybit's integration of AI technology highlights the increasing importance of innovative security solutions in protecting digital assets. The exchange aims to maintain high standards of asset safety while fostering a secure trading environment for its users.

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