Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is leveraging advanced artificial intelligence (AI) technology to protect users, as revealed to Finbold on Friday, September 20.
Bybit’s security strategy relies on a multi-layered approach, protecting both hot and cold wallets, with enhanced verification protocols scrutinizing large or high-risk transactions.
The rising threats in the crypto cybersecurity
As cryptocurrency adoption continues to grow, so does the number of cybersecurity threats.
Bybit seeks to combat these threats with sophisticated AI-driven tools.
The exchange processed 32 million withdrawals in the first half of 2024 while preventing the loss of over $79 million in customer assets by vetting nearly $1 billion in suspicious withdrawals.
Additionally, more than $37 million in project funds were secured.
AI-powered fraud detection
Bybit’s AI allows it to protect users against a range of vulnerabilities, from wallet hacks to complex, AI-driven fraud.
Users can now enable multi-channel verifications and biometric authentication, ensuring strong identity protection.
Recently, Bybit thwarted a hacker using face-swapping technology to bypass the exchange’s Know Your Customer (KYC) verification, thanks to live face and virtual camera detection.
In addition to AI tools, a dedicated group of more than 50 risk experts is employed to ensure potential threats are identified quickly, greatly reducing the risk of unauthorized access or fraudulent withdrawals.
Helen Liu, Bybit’s Chief Operating Officer, commented on the importance of user confidence, stating:
“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.”
Bybit’s CATI airdrop distribution
On September 20, Bybit became the first exchange to distribute the Catizen (CATI) airdrop.
The listing is a further testament to Bybit’s reliability in the crypto space as well as its commitment to cybersecurity.
Approximately 17.67 million CATI tokens were transferred for the airdrop, allowing the exchange to capitalize on new market opportunities while staying true to its high standards of safety and performance.
New crypto industry standards for security
Bybit recently announced an upgrade to its security framework, which earned it a 10/10 trust score from CoinGecko, verified by CertiK.
With its vault systems and multi-layered security protocols, Bybit continues to set new standards for crypto asset protection.
Continuing to build trust in the Web3 ecosystem, Bybit aims to lead the charge in creating an industry-wide touchstone for cybersecurity.
Source: https://finbold.com/bybit-improves-security-with-ai-risk-engine/