Two of the industry’s largest crypto platforms, Nexo and Bybit, have rolled out new security initiatives aimed at curbing scams and streamlining stolen fund reporting.
Both initiatives come as fraud remains a major concern for the sector. According to Chainalysis, cryptocurrency scams caused at least $9.9 billion in on-chain losses in 2024, driven by schemes such as romance scams, long-term “pig butchering” campaigns, and tech support impersonation.
Bybit introduces VIP portal for stolen fund inflows
Bybit, the world’s second-largest exchange by trading volume, has launched a new reporting portal tailored to VIP clients to flag suspected inflows of stolen funds. Accessible through multiple entry points on the exchange, the tool routes submissions directly to Bybit’s Lazarus Security Lab for 24/7 review.
Cases are reviewed within two to four hours, with temporary internal restrictions placed on suspicious accounts as evidence is secured. While these measures d
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