WhiteBIT Safeguards Over $150M: How the Exchange is Fighting Crypto Crime
The post WhiteBIT Safeguards Over $150M: How the Exchange is Fighting Crypto Crime appeared on BitcoinEthereumNews.com.
WhiteBIT cryptocurrency exchange announced today that it has successfully secured over $150 million in at-risk cryptocurrency funds in 2024, further solidifying WhiteBIT’s role as a key partner in the fight against digital crime. The secured funds include assets recovered from third-party hacks and those protected from account breaches and scams. According to the Chainalysis 2024 Crypto Crime Report, stolen crypto funds reached $2.2 billion globally, a 21.07% increase from the previous year. The number of hacking incidents rose from 282 in 2023 to 303 over the same period, reflecting an ongoing challenge for the industry in preventing and addressing security breaches. High-Profile Recoveries WhiteBIT’s efforts have been central to resolving several significant cases involving stolen crypto assets. As a result of these efforts, the company has safeguarded $4.8 million in stolen funds. The exchange successfully secured funds tied to XRP in an investigation involving Ripple co-founder Chris Larsen. In response to the Coinspaid breach, WhiteBIT froze significant amounts of cryptocurrency, helping to mitigate losses for the affected users. Additionally, the exchange acted swiftly during the TAO Holder case, identified by blockchain investigator ZachXBT, blocking a large sum of USDC and supporting law enforcement efforts in their recovery process. In April, cryptocurrency exchange Rain.com fell victim 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 successfully returned the funds to the FBI pursuant to a Court Order, further aiding in the recovery process. Anti-Money Laundering Practices WhiteBIT is dedicated to collaborating with law enforcement agencies globally to enhance security and protect users from fraudulent activities. The team places a strong emphasis on transparency and streamlined communication, ensuring that law enforcement can easily connect when needed. “Our approach goes beyond standard AML…
Filed under: News - @ February 16, 2025 3:05 am