- Bybit CEO has addressed disturbing rumors about the exchange.
- The rumors stemmed from a misleading proof of reserves graph.
- The CEO backed his response with the latest proof of reserves.
Bybit CEO and co-founder Ben Zhou has challenged rumors that the cryptocurrency exchange has been hacked and is insolvent.
Zhou’s response comes after multiple users on X (Twitter) went into panic mode on May 22 following a misleading proof-of-reserves graph generated by Arkham Intelligence and an influx of Bybit-labeled memes depicting FTX’s implosion.
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Within the misleading graph, it seemed like Bybit’s wallets were being emptied, leaving people to speculate that the exchange was hacked or insolvent. While a keen check on the individual wallets showed that their funds were intact, the rumors kept swirling and Zhou stepped in to clear the air.
Zhou Shuts Down Insolvency Rumors
On May 23, Zhou addressed the matter, clarifying that none of the rumors were true.
“Hearing some rumours about Bybit being insolvent or hacked and etc. Please note that we have updated our POR this month as well as you can view all Bybit wallet through Nansen (Total more than 11B) . None of the rumours that I have see so far have any real facts supporting it, Please be aware,” Zhou wrote on X.
In the update, the CEO shared a link to a Nansen dashboard showing Bybit’s wallets and the funds they held, and another link to Bybit’s proof of reserves, which shows that the exchange holds assets worth over 100% of user deposits.
The reserve ratio for popular crypto assets such as BTC, ETH, USDT, and USDC stood at 116%, 106%,107%, and 129%, respectively. This means the exchange can readily have the above assets available if users wish to withdraw them at any time.
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Read about Bybit COO’s goal to unite the crypto industry:
Bybit COO Strives to Unite Crypto Industry With New Alliance
Stay updated on Bybit’s troubles in Hong Kong:
Hong Kong Flags Bybit as “Suspicious” on Warning List
