Bybit enhances security measures to curb fraud
NAIROBI, Kenya, Jun 16 – Bybit, a global cryptocurrency exchange, has stepped up its platform security and user protection efforts to curb fraud.
Wilson Ogheneovo, the Regional Manager for Bybit in Africa, revealed the company is rolling out enhanced safety features, including escrow services that ensure funds are only released after both parties verify transactions.
He noted that the move is aimed at restoring trust and curbing the rising cases of crypto-related fraud in Kenya.
“To combat this, platforms like Bybit are implementing robust mechanisms to protect users. One such tool is escrow services, which hold funds securely until transactions are verified, reducing the risk of fraud,” he stated.
Beyond technological tools, Ogheneovo says the firm is intensifying efforts to educate users, recognizing that knowledge remains the most powerful defense against digital fraud.
“We’re teaching Kenyans how to spot red flags and use platforms securely. Sessions cover everything from peer-to-peer (P2P) trading to mastering Bybit’s tools. The program emphasizes that crypto is not a shortcut to wealth but a long-term investment requiring diligence and research,” he added.
Bybit reassured its users of safety, emphasizing the platform’s commitment to combating fraud through the implementation of robust user protection mechanisms.
In a March 7, 2025, incident, the Bybit platform was hit by a third-party service provider hack, which caused some disruption but did not result in significant user losses.
“Our systems have always been safe and secure. While the situation was unfortunate, we have moved past it and ensured that no Bybit users lost access to their funds or faced any interruptions in withdrawals,” Wilson clarified.
As cryptocurrency adoption rises, fraudsters are increasingly targeting first-time investors, offering guaranteed returns or posing as legitimate traders, only to vanish once they’ve secured the money.
