Someone you met on a dating app gained your trust over weeks, then convinced you to invest in a fake crypto platform that used Bybit to receive deposits or cash out. Bybit is Dubai-headquartered (VARA-regulated) with mandatory KYC since 2023 — meaning every deposit address maps to a verified identity. We trace your funds on-chain, identify the Bybit account that received them, and file emergency freeze requests with Bybit's compliance team.
In a pig butchering scam involving Bybit, the scammer builds an emotional connection over weeks through a dating app or social media. They introduce a fake "crypto investment platform" and instruct you to deposit crypto to a Bybit deposit address. The platform shows fake profits, but when you try to withdraw, you're asked for "tax clearance fees" or "withdrawal fees." These are additional scams.
Bybit-specific factors: Bybit is derivatives-focused — scammers who use Bybit may not just cash out but also trade stolen funds on perpetual futures markets. If the scammer deposited your funds as margin on Bybit and traded (and lost), the recoverable amount may be less than what you deposited. This is the derivatives complication unique to Bybit and similar exchanges.
The VARA compliance channel: Bybit's compliance team operates from Dubai under VARA regulation. They process legal requests through their compliance email. Response time: 5-14 business days — slower than Binance (3-7 days) but established. For non-UAE jurisdictions, we use MLAT. Bybit cannot ignore properly formatted international legal requests.
The geo-restriction problem: Bybit geo-restricts certain countries. If you're in a restricted region and accessed Bybit through a VPN, you cannot contact Bybit support directly — they'll detect your geo-location and may close your account. We handle all communication through our Swiss office, bypassing these restrictions entirely.
A client was contacted on Bumble by someone claiming to be a crypto analyst. Over 6 weeks, the scammer built trust, mentioned their "mentor" who taught them trading, and showed screenshots of a Bybit trading dashboard with 2% daily returns. The client deposited €110,000 to a Bybit deposit address provided by the "platform."
The derivatives complication: The scammer didn't just hold the funds on Bybit — they used €60,000 as margin for ETH perpetual long positions. They lost €35,000 in a leveraged trade before we filed the freeze request. Bybit froze the account (containing €35,000 in remaining margin + €15,000 in unrealized profits) within 8 business days.
Outcome: 45% recovery (€50,000 of €110,000). Lower than typical because the scammer's futures trading consumed a significant portion of the deposited funds before the freeze. The scammer's KYC revealed a resident of Turkey. Lesson: speed matters even more on derivatives-focused exchanges — the longer the scammer trades, the less remains.
Details anonymized to protect client confidentiality. Swiss professional secrecy applies.
The "fee scam" within the scam: If the platform demands "withdrawal fees" or "tax clearance" — do NOT pay. These are additional scams. Read our recovery scam warning.
Yes. Every Bybit deposit address is tied to a specific user account with KYC (mandatory since 2023). We trace your deposit on-chain to confirm it reached the Bybit address, then file a legal request to identify the account holder. The account holder's name, government ID, and country of residence are on file.
Trading losses on Bybit derivatives are generally unrecoverable — the funds went to counterparties (other traders). However, any remaining margin, realized profits, or unrealized positions at the time of the freeze are recoverable. This is why speed is critical on Bybit: the longer the scammer trades on derivatives, the less may remain. In our experience, Bybit pig butchering cases where the scammer traded on futures have significantly lower recovery rates (40-55%) compared to cases where funds were held in spot (65-80%).
Yes. Bybit geo-restricts certain countries (US, UK, parts of Canada), but the scammer's account is not restricted. We file the legal request from our Swiss office, which is not subject to Bybit's geo-restrictions. The freeze applies to the scammer's account regardless of your location. You should NOT contact Bybit directly — your geo-location may trigger account closure. We handle all communication.
Under no circumstances. This is a well-known secondary manipulation tactic. The scammer (or someone claiming to be the scammer who "escaped") will claim they were forced to participate and offer to help recover funds for a fee. This is almost always a continuation of the same scam. Real recovery goes through legal channels — not through the scammer.
5-14 business days. Bybit's Dubai compliance team (VARA-regulated) processes legal requests. Slower than Binance (3-7 days). For non-UAE jurisdictions, we use MLAT — which adds time. Bybit does not publish compliance timelines. For Bybit pig butchering cases, early filing is critical, especially if the scammer is trading on derivatives.
Three key differences: (1) Bybit is slower (5-14 days vs Binance's 3-7 days). (2) Bybit's derivatives focus means scammers may trade away stolen funds before the freeze, reducing recoverable amounts. (3) Bybit is less transparent — no published timelines, no compliance portal, geo-restricted help center. However, Bybit still requires KYC, still responds to legal requests, and still can freeze accounts. Recovery rates are lower (50-70% vs Binance's 60-80%) — primarily due to the derivatives trading risk and slower response.
Describe what happened. Include the platform URL, chat evidence, Bybit deposit addresses, transaction hashes, and amount lost. We respond within 6 hours.