WhiteBIT Freezes Over $150M: How the Exchange is Fighting Crypto Crime

Core Insights - WhiteBIT cryptocurrency exchange secured over $150 million in at-risk cryptocurrency funds in 2024, reinforcing its role in combating digital crime [2] - The global stolen crypto funds reached $2.2 billion in 2024, marking a 21.07% increase from the previous year, with hacking incidents rising from 282 to 303 [3] - WhiteBIT has safeguarded $4.8 million in stolen funds through various recovery efforts [4] Security Measures - WhiteBIT employs advanced security practices, including storing 96% of funds in cold wallets and enforcing two-factor authentication (2FA) [9] - The exchange is ranked among the top 5 most secure crypto exchanges globally and is the first to achieve CCSS Level 3 certification, the highest security standard in the industry [9] - The company utilizes Open-Source Intelligence (OSINT) and custom-built monitoring systems to detect and prevent fraudulent activities [8] Types of Cyber Incidents - 40% of incidents are due to hacking of wallets through phishing, viruses, and direct hacking [12] - Another 40% are attributed to social engineering scams, often disguised as legitimate investment opportunities [12] - 10% of incidents involve scrolling scams through crypto-related Telegram channels, while the remaining 10% consist of fake versions of the WhiteBIT website and compromised accounts [12] Recovery Efforts - WhiteBIT played a crucial role in recovering funds tied to significant cases, including the Coinspaid breach and the TAO Holder case [5] - The exchange successfully returned $760,000 in stolen SOL to the FBI following a $16 million hack involving the North Korean group Lazarus [6] - The company emphasizes collaboration with law enforcement to enhance security and protect users from fraud [7]