Bybit Enhances Security with AI Risk Engine to Safeguard Users’ Assets

Bybit, the world second-largest cryptocurrency exchange, has implemented an advanced AI-powered risk engine to protect user assets, prevent fraud, and set new industry standards for security.

Bybit, the second-largest cryptocurrency exchange by trading volume, is taking its user protection strategy to the next level by integrating advanced artificial intelligence (AI) technology into its security infrastructure. The platform’s new AI Risk Engine is designed to combat a growing number of cybersecurity threats, ensuring that both hot and cold wallets are secured through multi-layered defense mechanisms.

As cryptocurrency adoption continues to rise, so do security challenges. Bybit has responded with a robust, AI-driven system that strengthens verification protocols, especially for large or high-risk transactions, protecting users from vulnerabilities like wallet hacks and sophisticated fraud attempts.

Rising Threats in the Crypto World

In the first half of 2024 alone, Bybit processed over 32 million withdrawal transactions. Through its new AI-powered security tools, the exchange prevented the loss of over $79 million in customer assets by blocking nearly $1 billion in suspicious transactions. An additional $37 million in project funds were also safeguarded.

AI-Powered Fraud Detection and Protection

Bybit’s AI Risk Engine excels in protecting users against fraud, using biometric authentication and multi-channel verifications. One particularly notable achievement was the prevention of a hacker using face-swapping technology to bypass the platform’s Know Your Customer (KYC) verification—a threat neutralized through advanced face detection systems.

In tandem with AI, Bybit employs a dedicated team of over 50 risk experts to quickly identify and respond to potential threats, further reducing the risk of unauthorized access or fraudulent withdrawals. This powerful combination of technology and human oversight is central to Bybit’s proactive approach to security.

Helen Liu, Bybit’s Chief Operating Officer, emphasized the importance of user confidence, stating:

“Users choose centralized exchanges for the high level of support and protection they provide. Bybit invests heavily in advanced technology and security to ensure that our 40 million customers can trade confidently, knowing their assets are safeguarded by the most secure blockchain measures available.”

Bybit Leads with CATI Airdrop

In addition to its security advances, Bybit became the first exchange to distribute the Catizen (CATI) airdrop on September 20, further demonstrating its reliability and commitment to the crypto space. Over 17.67 million CATI tokens were distributed, marking another milestone for the exchange.

New Standards for Crypto Industry Security

Bybit recently upgraded its security framework, earning a perfect 10/10 trust score from CoinGecko, as verified by blockchain security leader CertiK. This achievement, along with its continuous enhancements, reinforces Bybit’s leadership in setting new standards for crypto asset protection.

Bybit’s aim is to foster greater trust within the Web3 ecosystem, positioning itself as an industry leader in security and ensuring the highest level of user protection.

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