Bybit prevents fake deposit attacks worth over 1 billion DOT

Key points:

• Bybit prevented a series of fake deposit attacks with potential losses exceeding 1 billion DOT.
• Attackers used complex transaction schemes to simulate incoming funds.

Crypto exchange Bybit announced it had successfully blocked a series of sophisticated fake deposit attacks. According to the company, attackers attempted to exploit systems across multiple blockchains, but all activity was detected and stopped in real time. Potential losses could have exceeded 1 billion DOT, though no user funds were affected.

These attacks are designed to trick exchanges into crediting funds that were never actually received. They exploit how transactions are processed, making them appear valid without any real balance increase.

In one case, attackers used batch transactions. They bundled multiple transfers into a single operation, where a large transfer was intentionally set to fail while smaller ones succeeded. Some systems may interpret this as a legitimate deposit.

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Other schemes involved multi-step transactions and ownership changes that created the illusion of incoming funds. Platforms that rely on transaction logs rather than actual balance verification can be vulnerable to such tactics.

How Bybit Protects Against Fake Deposits

The exchange uses a multi-layered transaction verification system. Each operation is analyzed independently to eliminate manipulation risks.

The system:

• scans full blockchain data across supported networks
• filters transactions by user deposit addresses
• breaks transactions into smaller components for separate verification
• checks actual balance changes instead of relying solely on transaction records

If anomalies are detected, the system automatically assesses risk and triggers real-time alerts for immediate review.

Bybit notes that these attacks are becoming increasingly sophisticated. Attackers now combine multiple techniques, including batch processing, multi-step execution, and ownership manipulation.

According to David Zong, Head of Risk and Security at Bybit, the platform verifies transactions at every execution level, allowing it to detect even highly advanced fraud attempts.