WhiteBIT freezes over $150 million in 2024 as it fights crypto crime
Crypto crime surges 21% in 2024, hitting $2.2B in stolen funds.
The Chainalysis 2024 Crypto Crime Report revealed that stolen cryptocurrency funds reached $2.2 billion globally—a 21.07% increase from the previous year—with the number of hacking incidents rising from 282 in 2023 to 303.
Amid this backdrop of rising digital crime, WhiteBIT, a leading cryptocurrency exchange, announced it has secured over $150 million in at-risk funds in 2024, reports CoinGape.
The move underscores the exchange’s proactive role in countering cyber threats in an industry where breaches and scams remain persistent challenges.
High-Profile Recoveries and Enforcement
WhiteBIT’s efforts have been central to several significant recovery cases. In one instance, the exchange recovered $4.8 million in stolen funds tied to XRP during an investigation involving Ripple co-founder Chris Larsen. The platform also froze substantial amounts following the Coinspaid breach and intervened during the TAO Holder case, where blockchain investigator ZachXBT identified a large sum of USDC targeted by fraudsters. Additionally, after the North Korean hacking group Lazarus orchestrated a $16 million breach on Rain.com, investigators, in collaboration with the FBI, traced $760,000 in stolen SOL to WhiteBIT; these funds were subsequently returned to the authorities pursuant to a court order.
Robust Anti-Money Laundering and Security Measures
WhiteBIT is enhancing its defenses by employing advanced anti-money laundering practices. A representative from WhiteBIT’s Compliance department explained, “We leverage OSINT, custom-built monitoring systems, and manual investigations to detect and halt fraudulent transactions.” The exchange mitigates risks by storing 96% of its funds in cold wallets, enforcing two-factor authentication, and securing private keys with advanced encryption protocols. These measures have earned WhiteBIT a place among the top five most secure crypto exchanges globally, and it is the first to achieve the CCSS Level 3 certification—the highest security standard in the industry.
As crypto crime continues to escalate, WhiteBIT’s aggressive security protocols and collaborative approach with law enforcement set a critical benchmark. Investors and regulators will closely watch whether these practices can restore confidence in digital asset markets and curb further losses.
Recently we wrote, that ZkLend, a decentralized lending protocol on the Starknet network, was exploited for nearly $5 million on February 12, sparking fresh concerns over crypto security.
