Bybit Reports Blocking 30,000 Risky Withdrawals and Averting $700M in Possible Losses
Bybit said its security systems prevented $700 million in potential user losses and stopped 30,000 withdrawals deemed risky. The exchange's figures, reported by Cointelegraph, were not accompanied by details on the incidents, time frame, or criteria used. Withdrawal monitoring is important because blockchain transfers are often irreversible once confirmed.
Bybit stated that its safeguards stopped 30,000 withdrawal attempts it deemed risky and averted an estimated $700 million in possible user losses. The exchange shared these numbers through a Cointelegraph report, but it did not explain which incidents were involved, what period they covered, or how "risky" was defined.
Because crypto transfers generally cannot be undone after confirmation, exchanges often review withdrawals before funds leave. Yet a blocked withdrawal alone does not confirm fraud or account compromise; it may simply prompt further checks. The reported totals remain Bybit's own account, not independently verified.
Crypto users and exchanges may benefit from stronger withdrawal screening, as fewer unauthorized transfers could reduce losses. However, without transparent criteria, customers might face delayed or denied withdrawals, and trust could depend on clearer reporting. Regulators and security firms may also use such claims to shape expectations, though independent verification would be needed.