With nearly $10 billion lost to scams last year, major crypto platforms are stepping up efforts to protect users. Two of the biggest names, Bybit and Nexo, have each introduced new security tools aimed at mitigating the impact of fraud that continues to plague digital assets.
### Different Tactics, Same Goal
Bybit has focused on the problem of stolen funds flowing into its platform. Rather than waiting for legal action, it has created a private reporting line exclusively for its top-tier clients. This line provides direct access to the exchange’s internal security team. Cases are reviewed around the clock, and accounts can be restricted within hours to preserve evidence before involving the police.
Nexo, on the other hand, is attempting to stop scams at the point of transaction. Its upgraded Anti-Scam Engine operates quietly in the background, analyzing behavior across multiple blockchains. If suspicious activity is detected, clients are prompted to double-check before sending funds. In rare cases, the system can temporarily halt a transfer until it is reviewed.
Currently, Bybit’s reporting portal is reserved for VIP users but may expand to retail traders if testing proves successful. Nexo’s tool is already live on networks including Ethereum, Polygon, BNB Chain, and Arbitrum, with Bitcoin, Solana, Tron, and XRP slated to follow.
### Pressure to Act
Both companies acknowledge that scams are becoming increasingly sophisticated, ranging from romance schemes to pig butchering campaigns that can drag on for months. Regulators have also increased pressure on exchanges to demonstrate their ability to prevent abuse before it results in billion-dollar losses.
David Zong of Bybit stated that the company aims to move faster than law enforcement can. Meanwhile, Elitsa Taskova of Nexo emphasized that protection should feel invisible until it’s needed. Despite differing philosophies, the message is clear: crypto platforms cannot afford to leave their users exposed.
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*The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.*
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**About the Author**
Alex is a reporter at Coindoo with over 8 years of experience in the crypto, blockchain, and fintech industries. An experienced financial journalist and cryptocurrency enthusiast, Alex provides insightful and thought-provoking articles that break down complex topics into clear, accessible content. Follow his publications to stay updated on the latest trends and developments in digital assets.
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