Bybit's 13th Proof of Reserves Report Highlights Strong Asset Backing Verified by Hacken Audit

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15 Aug, 2024, 12:32 GMT

DUBAI, UAE, Aug. 15, 2024 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, proudly announces the release of its latest Proof of Reserves (PoR) report. The report includes data on Bybit's holdings of Ethena USD (USDe) for the first time.

Key Highlights:

Bybit's new PoR report (based on an August 8 snapshot) reveals that the exchange maintains a solid reserve ratio across its most traded assets, ensuring all customer funds are fully backed. The report covers the holdings of close to 40 million users, offering a comprehensive view of Bybit's asset holdings and affirming its dedication to financial integrity.

Unwavering Reserve Ratios Across Major Assets

Bybit continues to pledge to maintain over 100% reserve ratios for its primary assets. The current ratios for the top assets on Bybit's platform are as follows:

BTC: 100%
ETH: 102%
USDT: 107%
USDC: 155%
USDe: 104%

These figures demonstrate Bybit's proactive approach in ensuring customer assets are securely backed and easily verifiable.

Innovative Proof of Reserves Technology

Bybit's PoR process employs cutting-edge cryptographic technology, which was independently audited by Hacken in August as part of a monthly audit. These third-party auditors attested to Bybit's commitment to transparency and security, setting a high standard for the industry.

Commitment to Industry Transparency

"Our latest PoR report is a testament to Bybit's unwavering dedication to transparency and customer trust," said Joan Han, Sales & Marketing Director of Bybit. "By regularly publishing these reports and having our public wallets tracked in real time by Nansen, we provide our clients with real-time assurances about their assets and contribute to a broader culture of openness in the crypto industry. We aim to lead by example and encourage others in the sector to prioritize transparency."

Independent auditors Hacken praised the integrity of Bybit's Proof-of-Reserve in their August audit. "During the meticulous Proof of Reserves process, Bybit has successfully proved that its holdings provide full coverage for user liabilities, maintaining a remarkable 1:1 ratio for all in-scope assets. This assurance is substantiated by the compelling findings outlined."

Bybit has advocated for industry-wide transparency, actively participating in discussions and initiatives aimed at enhancing trust and accountability in the cryptocurrency space.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

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