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Cryptocurrency News Articles
Bybit CEO Ben Zhou Denies Rumors of Exchange Being Compromised and Going Bankrupt
May 23, 2024 at 06:48 pm
The rumors do not have “any solid data” behind them, as Ben Zhou made clear in a post he published on X.
Rumors that Bybit was hacked or went bankrupt began circulating on X on May 22. Some users noticed that wallets appeared to be emptying within a proof-of-reserves chart from Arkham Intelligence, which may have contributed to the rumors. However, viewing the wallets separately showed that the funds were still present on the exchange.
Meanwhile, some users joked about withdrawing their funds from the exchange amid the rumors. Others speculated that the rumors might have stemmed from a flaw in the PoR graph.
Upon further inspection, it became evident that the graph displayed the net balance of wallets over time, while the wallets themselves showed the total balance at any given moment. This caused some wallets to appear to be emptying out when, in reality, they were not.
The rumors were swiftly addressed by Bybit the following day, May 23. In a public post on X, Zhou stated, “Please be informed that there are no solid data facts backing any of the rumors I’ve seen circulating.”
Additionally, Zhou included a link to Bybit’s proof of reserves (PoR) and a Nansen dashboard that displays the total number of Bybit wallets along with their asset holdings.
As the PoR demonstrates that the exchange holds assets valued at over 100% of user deposits, users can rest assured that the exchange will have all of their funds available for withdrawal if they choose to do so.
According to statistics from the Nansen dashboard, Bybit wallets hold over $11 billion in cryptocurrency assets. The net worth, according to Nansen, reflects the total value of tokens held at addresses provided by Bybit.
This analytics tool did not, however, intend for this to be an exhaustive accounting of Bybit’s actual assets or reserves.
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