Whitebit, one of the leading centralized crypto exchanges in the European market, announced it had intercepted $150 million in 2024 with a risky cryptocurrency fund.
European exchanges have increased involvement in digital crime prevention. In 2024, Whitebit intercepted $150 million with risky funds and acquired it through hacks and exploits.
Overall in 2024, Crypto Crime costs $2.2 billion worldwide, up 21.07% from the previous year. Chain Orisys noted a total of 303 hacking incidents, rising from 282 in the previous period. Attempts to wash funds through exchanges are considered one of the risk factors for adopting more transparent and regulated cryptographic applications.
Of the freezing funds under investigation, Whitebit protected $4.8 million from well-known cases, including stolen crypto assets. Centralized exchanges are willing to freeze funds when they suspect misconduct that includes previous address contamination by the mixer or other prescribed standards.
Whitebit also prepared to increase its platform Government regulations For cryptography. The exchange is intended to secure an official license and remain a staple for European and Central Asian users.
Whitebit secured multiple famous hacks
Whitebit has partnered in securing XRP-related funding in a study that includes Ripple co-founder Chris Larsen. Market operators also supported the Coinspaid attack by securing funds and launching a recovery process.
The white bit also followed the truck in the TAO holder case, identified by on-chain investigator ZACHXBT. The exchange blocked a large number of USDCs, working with law enforcement.
In one case, Whitebit was able to intercept and return funds linked to exploits by North Korean hacking group Lazarus. The Rain.com Exchange hack took $16 million, of which $760,000 of which was tracked down by WhiteBit. In September, Whitebit returned the funds that were in FBI custody and took another step into the recovery process.
Whitebit Steps Up AML Practice
Whitebit remains open to communication and compliance with law enforcement whenever a threat or stolen fund is discovered. The exchange aims to deliberately circumvent AML practices and set them apart from the market that acts as a hacker off-ramp.
“Our approach goes beyond standard AML practices,” said a representative from Whitebit’s compliance department. “Utilize OSINT (Open Source Intelligence) to closely detect suspicious activity, utilize custom-built monitoring systems to detect and stop fraudulent transactions, conduct manual investigations, and to enable flagged cases. Ensures detailed and accurate evaluations.
Whitebit warned users about some of the most common types of fraud, mixing both technical and social attack vectors. Over 40% of hacking attempts include technical means such as phishing, malware, keyloggers and direct account hacking. An additional 40% of the scams include disguised attempts to access your wallet for seemingly legal purposes. The scam includes Telegram-based revenue promises. With this promise, the user first makes a small investment, but ultimately the deposit is not repaid.
Whitebit has also encountered attempts to scam users with copycat sites and account login pages. Compromising accounts without 2FA also increase the risk of loss. The exchange protects the user fund by storing 96% of the deposit in a cold wallet, carrying out 2FA and protecting the private key with an additional password. Whitebit is certified as penetration test, user security and bug bounty, and is highly valued Score From CER.
Whitebit Exchange achieved CCSS Level 3 authentication using Hacken, covering the highest security standards in the crypto industry. Market operators aim to remain at the forefront of crypto security, both passive and active involvement with threats. Recent Bull Cycles have increased the number of raw attacks and unleashed more refined vectors. Whitebit aims to maintain a safety benchmark under these changing conditions.
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