Bybit Boosts Cryptocurrency Security with AI Risk Engine

Overview of Bybit's Security Measures

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is enhancing user protection through advanced artificial intelligence (AI) technology, as revealed on September 20. The exchange employs an AI Risk Engine to safeguard both hot and cold wallets, utilizing improved verification protocols to scrutinize large or high-risk transactions.

The Rising Threat of Cybersecurity in Crypto

The surge in cryptocurrency adoption has also brought a rise in cybersecurity threats. In response, Bybit is combating these challenges with sophisticated AI-driven tools, processing 32 million withdrawals in the first half of 2024 while safeguarding over $79 million in customer assets by vetting fundamental suspicious withdrawals.

AI-Powered Fraud Detection

• Users can activate multi-channel verifications and biometric authentication.
• Recent measures thwarted a hacker attempting to bypass KYC using face-swapping techniques.
• A team of over 50 risk experts continuously assesses potential threats.

Bybit’s Commitment to User Confidence

Bybit’s COO, Helen Liu, emphasizes that maintaining user confidence is crucial. The exchange prioritizes cybersecurity investment, ensuring that the 40 million users can trade with assurance in the protection of their assets.

New Crypto Industry Standards

Recently, Bybit upgraded its security framework, earning a 10/10 trust score from CoinGecko, verified by CertiK. With a reputation for security and performance, Bybit is setting a high bar for crypto asset protection.

Conclusion: Leading in Cybersecurity

Bybit is committed to leading the charge in establishing a trustworthy Web3 ecosystem while ensuring industry-wide standards for cybersecurity.