WhiteBIT cryptocurrency exchange revealed on February 13th that it has successfully raised more over $150 million in at-risk cryptocurrency funds in 2024, enhancing its standing as a crucial ally in the battle against cybercrime.
The milestone for the platform comes amid a rise in crypto crimes with $2.2 billion in cryptocurrency money stolen worldwide, a 21.07% increase from the year before. The industry continues to face difficulties in preventing and resolving security breaches, as seen by the rise of hacking attacks from 282 in 2023 to 303 during the same time period.
WhiteBIT Aids Super Complicated Cases
A number of noteworthy cases involving stolen cryptocurrency assets have been resolved in large part thanks to WhiteBIT’s work. Because of these efforts, the business has been able to protect $4.8 million in stolen money.
In an investigation involving Chris Larsen, a co-founder of Ripple, the exchange was able to successfully safeguard cash associated with XRP. WhiteBIT responded to the Coinspaid hack by freezing large quantities of cryptocurrency, which lessened the losses suffered by the impacted individuals.
Additionally, in the TAO Holder case, which blockchain investigator ZachXBT discovered, the exchange also moved quickly to block a significant amount of USDC and aid law enforcement in their recovery.
WhiteBIT Lists Various Common Crime Incidents On Crypto Exchanges
The platform states that there are four main types of crimes happening on exchanges.
First, technical wallet hacking, including phishing, viruses, keyloggers, and direct hacking, is responsible for 40% of exchange occurrences.
Second, scams including promises of quick investment returns, frequently passed off as genuine opportunities, account for an additional 40% of scams. They usually use complex strategies, such as phony websites and several people interacting with victims to establish credibility;
Third, 10% of victims of scrolling scams are tricked by crypto-related Telegram communities. They make modest profits at first, which encourages more investments, but eventually the scammers take the money.
Finally, the remaining 10% of cases involve stolen accounts and phony WhiteBIT websites.
Crypto Scams See Global Rise
Scams involving cryptocurrency exchanges have increased dramatically in 2024 as scammers take advantage of the rising demand for digital assets and decentralized finance.
Scammers use phishing assaults, phony exchanges, and deceptive ads that promise large returns to prey on unwary investors. Many victims fall for “too-good-to-be-true” deals, and others are duped by fraudulent platforms that imitate authentic transactions.
These scams are still prevalent because of the cryptocurrency industry’s quick development, lax regulation, and transaction secrecy.
To counter the growing threat and keep investors safe from falling for these fraudulent schemes, more security measures, increased awareness, and regulatory initiatives are necessary.