Bybit received a Certificate of Appreciation from South Korea’s National Police Agency during the 27th International Symposium on Cybercrime Response, recognition that places the cryptocurrency platform among private-sector groups assisting cross-border cybercrime investigations.
Acting Commissioner General Yoo Jae-seong presented the certificate to Coco Heng, Bybit’s head of law enforcement, at the Seoul event held on Aug. 27 and 28. Bybit said the Korean National Police Agency nominated the company and that it was the only cryptocurrency exchange to receive the recognition during ISCR 2026.
The award reflects the increasingly operational role that major digital-asset platforms can play in investigations involving stolen crypto, online fraud, and funds moved through several blockchains or jurisdictions. Cryptocurrency transactions are publicly recorded, but tracing them into identifiable accounts and freezing assets before they are withdrawn often requires rapid cooperation between blockchain analysts, platforms, and police agencies.
Seoul symposium focused on a new digital order
The annual International Symposium on Cybercrime Response is hosted by the Korean National Police Agency’s Investigation Bureau. It brings together government officials, researchers, technology companies, and industry representatives to discuss practical responses to cybercrime.
This year’s theme, “Perfect Cube: Three Dimensions for Shaping New Digital Order,” centered on standards, technology, and cooperation. The framing reflects the difficulty authorities face when online crime operates across borders while evidence, service providers, and suspects may sit in different legal jurisdictions.
For cryptocurrency-related cases, that challenge can include tracking proceeds through token swaps, decentralized applications, cross-chain bridges, stablecoins, and accounts at multiple service providers. Investigators may be able to follow the path of funds on a blockchain, yet need information from a platform to connect a deposit address to an account or prevent a suspected criminal from transferring assets further.
Bybit said it works with law enforcement agencies, regulators, blockchain intelligence companies, and industry partners to support those cases. Its activities include responding to requests from authorities, sharing intelligence about suspected stolen or fraud-linked assets, and helping trace funds as they move between platforms and networks.
Cross-border cases depend on speed and coordination
The police recognition comes as cybercrime groups increasingly use digital assets in fraud and theft schemes that are designed to move money quickly. A victim may be targeted in one country, send funds to an address controlled elsewhere, and see those assets converted or routed through multiple services within hours.
That pattern places pressure on trading platforms to maintain dedicated law-enforcement channels and clear internal procedures for handling emergency requests. Delays can sharply reduce the prospect of recovery once assets have been dispersed among many wallets or exchanged into other tokens.
Bybit’s claim of cooperation with authorities does not mean every stolen asset can be recovered. Blockchain tracing can identify transaction paths, but recovery usually depends on where funds are held, whether they reach a service able to impose restrictions, and whether the relevant authorities have the legal authority and evidence needed to act.
South Korea has been active in developing enforcement capacity around digital-asset crime, following several high-profile cases involving hacks, investment fraud, phishing, and the use of cryptocurrency in broader financial crimes. The country’s police and financial authorities have also expanded their attention to virtual-asset service providers as digital assets become more embedded in retail trading and online payment activity.
Company cites security and monitoring measures
Bybit said its internal security work includes reviewing suspicious withdrawals, identifying potentially fraud-linked on-chain funds, and blacklisting addresses associated with malicious activity. The company also described monitoring listed token contracts, ecosystem contracts, and its own wallet infrastructure.
In its H1 2026 Risk & Security Report, Bybit said it had reviewed more than 30,000 suspicious withdrawal requests and intercepted over $700 million in potential user losses during the first half of the year. The company also said it identified about $212 million in potentially fraud-linked on-chain funds and blacklisted more than 10,000 addresses.
Those figures are company-reported and provide a measure of attempted or suspected activity detected by its internal systems, rather than a confirmed total of criminal losses across the platform. The report also said Bybit processed more than 100,000 security alerts using AI-assisted analysis and handled 10 security incidents involving listed token projects without losses to the platform.
Bybit said automated auditing identified high-severity vulnerabilities at a higher rate than manual reviews, while reducing the period between a security assessment and testing from about two weeks to two hours. Automated systems can help security teams sort large volumes of alerts, though the reliability of their output depends on review procedures, threat intelligence, and the ability to distinguish genuine attacks from false alarms.
Users remain the first line of account security
Platform controls and police cooperation can limit damage after suspicious activity is detected, but account takeovers often begin with weaknesses outside an exchange’s infrastructure. Phishing websites, compromised email accounts, fake support messages, malicious browser extensions, and stolen identity documents remain common routes into user accounts.
Chainalysis said in its 2026 Crypto Crime Report that illicit digital-asset addresses received about $154 billion in the previous calendar year. The blockchain analytics company also reported a sharp increase in scams using artificial intelligence and synthetic identities, showing how fraud operations are adapting their methods alongside security teams.
Users can reduce exposure by enabling strong two-factor authentication, preferably through an authenticator application or physical security key rather than SMS alone. They should also use unique passwords, verify website addresses before entering credentials, set withdrawal restrictions where available, and review account and withdrawal histories for activity they do not recognize.
Bybit said it will continue expanding its cooperation with law enforcement agencies, regulators, and industry partners while maintaining its security infrastructure. The Seoul award offers a public example of how that cooperation is becoming part of the operating expectations for large cryptocurrency platforms handling cross-border flows of digital assets.
Want deeper insight into crypto security and regulation? Explore Toobit’s guide on what KYC is and how it works.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
