Bybit CEO Refutes Insolvency Rumors with Proof-of-Reserves

The rumor quickly spread, fueled by memes mimicking a popular FTX-related post, but targeting Bybit.

Concern among users and investors grew as the posts spread widely across the platform. Let’s explore more about this important news for ByBit.

Bybit CEO Ben Zhou Addresses Insolvency Rumors

In response to the escalating rumors, Bybit moved swiftly to address the situation. On May 23, Ben Zhou, the CEO of Bybit, took to X to categorically refute the insolvency claims. Zhou assured the community that the rumors were entirely baseless and provided concrete evidence to support his statement. He shared links to Bybit’s proof-of-reserves (PoR) and a Nansen dashboard, displaying all of Bybit’s wallets and total assets.

The PoR provided by Bybit is a critical piece of evidence that dispels the insolvency rumors. It demonstrates that Bybit holds assets worth more than 100% of user deposits, ensuring that the exchange can fully cover all user withdrawals at any time.

Source: X

Additionally, the Nansen dashboard data further supported Bybit’s solvency. The dashboard revealed that Bybit’s wallets collectively hold over $11 billion in crypto assets. According to Nansen, this net worth reflects the total value of the token holdings in the addresses provided by Bybit, reinforcing the exchange’s robust financial standing.

Source: X

Bybit’s proactive approach in addressing the rumors highlights the importance of transparency and accountability in the crypto industry. By promptly sharing the proof-of-reserves and the Nansen dashboard, Bybit not only quashed the unfounded rumors but also reassured its user base of its financial health and stability.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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