The collaboration’s proactive and reactive measures have assisted over 100 users in documenting fraud, and liaising with law enforcement to better secure the crypto ecosystem.
CHICAGO, Dec. 05, 2023 (GLOBE NEWSWIRE) — CEX.IO, a global ecosystem of products and services that connects curious participants to the cryptocurrency economy and decentralized finance (DeFi), has reached a significant milestone in its partnership with CYBERA, an emerging bulwark in the fight against cybercrime, to better protect the growing industry.
In a single quarter, the two companies have aided and assisted over 100 affected users targeted by bad actors. Along with meticulously documenting each occurance to ensure proper downstream litigation, the partnering entities work closely with law enforcement to share information, and stymie repeat offenders. So far, the collaboration has successfully escalated 95% of cases to the proper authorities, with 30% resulting in account freezes or other crucial steps toward asset recovery.
“Nurturing a safe community requires rooting out fraud, and CYBERA reinforces and expands on our capacity to achieve these efforts,” said Mark Taylor, Global MLRO and Head of Financial Crime at CEX.IO. “In our brief collaboration, we’ve provided critical resources to victims seeking justice and recompense, while making significant strides to dissuade future, would-be criminals.”
Through a growing cache of incident reports, CYBERA’s suspect database is compiled through its network of partnerships, where CEX.IO serves as a critical node. These records become essential resources for officials to pinpoint and prosecute offenders, a sometimes necessary step in asset recovery.
“Our AI-enhanced platform integrates seamlessly with partnering exchanges to offer user support, and help prepare the materials necessary for seeking justice,” said Claudio Staub, CRO and Co-Founder of CYBERA. “As we react to remedy the negative effects of fraud, each datapoint strengthens our internal network to proactively prevent additional users from falling victim.”
Although still in its infancy, the partnership’s initial results reveal that a more secure ecosystem through CYBERA and its industry collaborators could be on the horizon. Continued growth and cooperation will serve to reinvigorate trust among global participants, and offer greater peace of mind while transacting in the digital economy.
“Where CEX.IO serves as a bridge to the crypto ecosystem, CYBERA is that extra guardrail along the edge. And in our line of work, you can never be too safe,” Taylor added.
For more information about CYBERA’s support of CEX.IO users, click here.
CEX.IO was founded in 2013 with a mission to support global financial inclusion through the adoption of cryptocurrency and blockchain technology. As one of the most tenured market participants, CEX.IO offers a comprehensive ecosystem of intuitive solutions built with safety and security at their core, enabling users to trade, store, transfer and earn digital assets. With over six million registered users globally, CEX.IO helps retail, enterprise, and institutional customers seize opportunities in decentralized finance every day. Learn more at CEX.IO or connect with us on LinkedIn.
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