Essential Insights
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$150 Million Secured: WhiteBIT has successfully secured over $150 million in at-risk cryptocurrency funds in 2024, aiding in the fight against digital crime by recovering assets from hacks and scams.
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Rising Cybercrime: The 2024 Crypto Crime Report indicates a 21.07% increase in stolen crypto funds globally, with hacking incidents rising from 282 to 303, highlighting ongoing security challenges in the industry.
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Proactive Recovery Efforts: WhiteBIT has played a crucial role in recovering $4.8 million in stolen assets, including funds linked to high-profile cases such as the Coinspaid breach and collaboration with the FBI on the Rain.com hack.
- Top Security Standards: Ranked among the top 5 most secure crypto exchanges globally and the first to achieve CCSS Level 3 certification, WhiteBIT emphasizes advanced security measures, including cold wallets, two-factor authentication, and custom monitoring systems.
How the Exchange is Fighting Crypto Crime
WhiteBIT cryptocurrency exchange has taken significant steps to combat crypto crime, securing over $150 million in at-risk funds this year. This achievement enhances its role as a leader in the industry. The exchange protects assets from hacks, breaches, and scams.
According to the Chainalysis 2024 Crypto Crime Report, stolen crypto assets surged to $2.2 billion, marking a 21.07% rise. The report also noted an increase in hacking incidents, moving from 282 in 2023 to 303 in 2024. This statistic underscores the urgency for improved security measures across the exchange landscape.
WhiteBIT has played a crucial role in high-profile recoveries of stolen assets. For instance, the exchange safeguarded $4.8 million linked to significant theft cases. In one notable instance, funds tied to XRP were recovered amid an investigation involving Ripple co-founder Chris Larsen. Furthermore, after the Coinspaid breach, WhiteBIT froze substantial cryptocurrency amounts, thereby minimizing user losses.
Cooperation with law enforcement has been a priority for WhiteBIT. In 2024, the North Korean hacking group Lazarus targeted Rain.com, stealing $16 million. Investigators traced $760,000 of the stolen SOL to WhiteBIT, which promptly returned the funds to the FBI. Such collaboration illustrates the exchange’s commitment to fighting digital crime.
WhiteBIT emphasizes anti-money laundering (AML) practices. A representative from their Compliance department highlighted that their efforts extend beyond conventional measures. The team employs Open-Source Intelligence (OSINT) for identifying suspicious activities. They also use custom monitoring systems to flag fraudulent transactions and conduct thorough manual investigations when necessary.
Experts at WhiteBIT identified the most common types of incidents affecting their platform. They revealed that 40% stem from hacking attempts, including phishing and viruses. Another 40% relate to social engineering scams, often masquerading as attractive investment opportunities. Scrolling scams account for 10% of incidents, while the remaining cases involve fake websites or compromised accounts.
To enhance security, WhiteBIT advises users to adopt strong passwords and enable two-factor authentication (2FA). Importantly, the exchange stores 96% of its funds in cold wallets, significantly reducing risks. Additionally, their advanced encryption protocols protect private keys.
Recognized for its efforts, WhiteBIT ranks among the top five secure crypto exchanges globally. It proudly holds the CCSS Level 3 certification, the highest security standard available in the industry today. By prioritizing user protection and active engagement in the fight against digital crime, WhiteBIT sets a benchmark for others in the crypto space.
Founded in 2018, WhiteBIT has grown rapidly, serving over 35 million customers worldwide. The exchange supports more than 700 trading pairs and 300 assets, making it a prominent player in the market. Its partnerships with leading organizations like Visa and FC Barcelona further showcase its commitment to innovation and security in the blockchain space.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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