[PRESS RELEASE – Read Disclaimer]
WhiteBIT cryptocurrency alternate introduced at the moment that it has efficiently secured over $150 million in at-risk cryptocurrency funds in 2024, additional solidifying WhiteBIT’s function as a key accomplice within the combat in opposition to digital crime. The secured funds embrace belongings recovered from third-party hacks and people protected against account breaches and scams.
In accordance with the Chainalysis 2024 Crypto Crime Report, stolen crypto funds reached $2.2 billion globally, a 21.07% improve from the earlier 12 months. The variety of hacking incidents rose from 282 in 2023 to 303 over the identical interval, reflecting an ongoing problem for the business in stopping and addressing safety breaches.
Excessive-Profile Recoveries
WhiteBIT’s efforts have been central to resolving a number of vital circumstances involving stolen crypto belongings. On account of these efforts, the corporate has safeguarded $4.8 million in stolen funds.
The alternate efficiently secured funds tied to XRP in an investigation involving Ripple co-founder Chris Larsen. In response to the Coinspaid breach, WhiteBIT froze vital quantities of cryptocurrency, serving to to mitigate losses for the affected customers. Moreover, the alternate acted swiftly through the TAO Holder case, recognized by blockchain investigator ZachXBT, blocking a big sum of USDC and supporting regulation enforcement efforts of their restoration course of.
In April, cryptocurrency alternate Rain.com fell sufferer to a $16 million hack orchestrated by the North Korean hacking group Lazarus. Investigators collaborating with the FBI traced $760,000 in stolen SOL to WhiteBIT. In September, WhiteBIT had efficiently returned the funds to the FBI pursuant to a Court docket Order, additional aiding within the restoration course of.
Anti-Cash Laundering Practices
WhiteBIT is devoted to collaborating with regulation enforcement companies globally to reinforce safety and defend customers from fraudulent actions. The crew locations a powerful emphasis on transparency and streamlined communication, making certain that regulation enforcement can simply join when wanted.
“Our method goes past commonplace AML practices,” acknowledged a consultant from WhiteBIT’s Compliance division. “We leverage OSINT (Open-Supply Intelligence) to uncover suspicious actions meticulously, make the most of custom-built monitoring programs to detect and halt fraudulent transactions, and conduct handbook investigations to make sure detailed and correct assessments of flagged circumstances.”
Insights on Cybercrime in 2024
In accordance with consultants from WhiteBIT’s Compliance Division, the commonest varieties of incidents on the alternate are as follows:
- Hacking of wallets via technical means—akin to phishing, viruses, keyloggers, and direct hacking—accounts for 40% of the incidents on the alternate;
- Social engineering scams: One other 40% is attributed to scams involving guarantees of straightforward funding returns, typically disguised as professional alternatives. They sometimes contain refined techniques, together with faux web sites and a number of people interacting with victims to construct belief;
- Scrolling scams: 10% of victims are lured via crypto-related Telegram channels. Initially, they make small earnings, which results in repeated investments, however ultimately, the scammers disappear with the funds;
- The remaining 10% of incidents contain faux variations of the WhiteBIT web site and compromised accounts.
WhiteBIT’s Compliance division consultant explains: “Weak passwords and lack of two-factor authentication (2FA) considerably improve the danger of compromising the accounts. At WhiteBIT, we mitigate these dangers by storing 96% of funds in chilly wallets, implementing 2FA, and securing non-public keys with superior encryption protocols.”
Safety Requirements
WhiteBIT is ranked among the many prime 5 most safe crypto exchanges globally by CER.reside and is the primary crypto alternate to realize the CCSS Stage 3 certification—the very best safety commonplace within the crypto business in the intervening time. This distinction underscores the alternate’s proactive efforts to safeguard customers and belongings in opposition to more and more refined cyber threats.
WhiteBIT stays on the forefront of crypto safety, combining innovation, compliance, and swift motion to deal with rising threats. In a 12 months marked by record-breaking crypto crime, WhiteBIT’s efforts haven’t solely safeguarded thousands and thousands but in addition set a benchmark for the complete business.
About WhiteBIT
WhiteBIT is the second alternate globally by site visitors, providing over 700 buying and selling pairs, 300 belongings, and supporting 9 fiat currencies. Based in 2018, the platform is part of WhiteBIT Group which serves greater than 35 million clients worldwide. WhiteBIT collaborates with Visa, FACEIT, FC Barcelona, and the Ukrainian Nationwide Soccer Group. WhiteBIT is among the many most safe crypto exchanges in keeping with CER.reside and is the primary and solely crypto alternate to realize the CCSS Stage certification — the very best cryptocurrency safety commonplace within the business thus far. The corporate is devoted to driving the widespread adoption of blockchain expertise worldwide.
This materials doesn’t pertain solely to the corporate’s European transactions however applies to the actions of all WhiteBIT Group firms globally.
SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome provide on Binance (full particulars).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this hyperlink to register and open a $500 FREE place on any coin!