Bybit Foils Multi-Billion Dollar Fake Deposit Scam

Crypto exchange Bybit has reportedly blocked a series of coordinated fake deposit attacks across multiple blockchain networks. These attacks could have triggered more than $1 billion in fake Polkadot credits.

The attackers used various tactics to deceive deposit scanners and appear legitimate while failing or resulting in no actual balance change. One method involved batch transfers, where attackers made large transfer attempts fail while smaller ones went through.

Another tactic used multi-step transfers, making deposits appear real. Bybit explained that the attacks exploit how transactions are processed and validated, allowing them to appear legitimate while failing or resulting in no actual balance change.