Bybit Demonstrates Trust and Transparency with Comprehensive Proof-of-Reserves Audit

In a testament to its transparency and trustworthiness, Bybit, a top crypto exchange, has released its proof-of-reserves audit for 40 cryptocurrencies, including BTC, ETH, USDT, and USDC. The audit reveals a consistent over 100% backing for all listed cryptos, with reserve ratios exceeding 100% for BTC, ETH, SOL, USDT, and USDC.

Bybit Releases Comprehensive Proof-of-Reserves Audit, Underscoring Trust and Transparency

Dubai, United Arab Emirates – May 10, 2024

Bybit, one of the world's leading cryptocurrency exchanges by trading volume, has reaffirmed its unwavering commitment to transparency and trustworthiness by releasing a comprehensive proof-of-reserves audit. The audit encompasses 40 cryptocurrencies, the most extensive in the industry, providing tangible evidence of the exchange's substantial holdings and robust financial health.

Proof of Solventcy and Responsible Asset Management

The audit, meticulously conducted by an independent third-party auditor, provides a detailed breakdown of Bybit's cryptocurrency reserves, demonstrating that each supported asset is fully backed and maintained at levels exceeding 100%. The following cryptocurrencies are included in the audit:

• BTC
• ETH
• USDT
• USDC
• AGI
• AGLA
• APEX
• APT
• ATOM
• AVAX
• BEAM
• BLUR
• COMP
• CRV
• DAI
• DOGE
• DOT
• DYDX
• EOS
• FET
• FTM
• GALA
• IMX
• LDO
• LINK
• LTC
• MANA
• MATIC
• MNT
• OP
• PEPE
• RNDR
• SAND
• SHIB
• SHRAP
• SOL
• SUSHI
• UNI
• WLD
• XRP

The reserve ratios for major cryptocurrencies stand as follows, indicative of Bybit's substantial holdings:

• BTC: 116%
• ETH: 106%
• SOL: 111%
• USDT: 107%
• USDC: 129%

A Leading Exemplar of Industry Best Practices

By voluntarily releasing this proof-of-reserves audit, Bybit sets a high standard for the cryptocurrency industry. The audit surpasses the efforts of its closest competitors and demonstrates the exchange's commitment to maintaining a secure and transparent trading environment.

This latest move adds to Bybit's already impressive track record of operational integrity. The exchange has consistently earned high marks from independent reviewers, including a perfect Trust Score of 10/10 from CoinGecko and an 'AA' ranking in the CCData Crypto Exchange Benchmark Report, reflecting its unwavering adherence to industry best practices.

Sophisticated Wallet Architecture: Security and Liquidity

To safeguard its clients' digital assets, Bybit deploys a sophisticated wallet architecture that encompasses cold, warm, and hot wallets. This multi-tiered system effectively balances security and liquidity, ensuring the safety and accessibility of user funds while facilitating efficient trading operations.

"Our relentless drive to verify our reserves through independent audits is a testament to our core philosophy of fostering trust through tangible proof," remarked Ben Zhou, Co-founder and CEO of Bybit. "The security and transparency of our users' investments are the bedrock of our operations."

About Bybit

Bybit, established in 2018, has quickly risen to become one of the world's top three cryptocurrency exchanges by trading volume, boasting over 25 million registered users. The exchange provides a professional platform for crypto investors and traders, offering a lightning-fast matching engine, round-the-clock customer support, and a multilingual community. Bybit is also the proud partner of Oracle Red Bull Racing, the reigning Formula One Constructors' and Drivers' champions.

For further information about Bybit, visit Bybit Press.