As a researcher with experience in the cryptocurrency industry, I have closely followed the recent developments regarding Bybit and the rumors surrounding its insolvency and hacking allegations. Having read Ben Zhou’s denial and the subsequent evidence he presented, I believe that these rumors lack factual basis.
Ben Zhou, the CEO of cryptocurrency exchange Bybit, has spoken out against unfounded claims of hacking and insolvency that have been spreading.
He refuted all allegations of financial instability and presented proof of Bybit’s financial reserves and digital currencies.
Bybit CEO Shares Proof-of-Reserves
In a May 23 X post, Zhou denied the allegations, asserting that they have no factual basis.
As a meticulous analyst, I’ve yet to come across any concrete evidence backing up the speculation I’ve encountered thus far. A word of caution: please stay informed.
I’ve picked up some gossip circulating around Bybit’s financial instability or security breaches. However, I want to clarify that our company has recently updated its Proof of Reserves (POR), which can be verified on Nansen with a total confirmed balance exceeding 11 billion dollars. The rumors lack concrete evidence to back up their claims.
— Ben Zhou (@benbybit) May 23, 2024
Zhou additionally gave access to Bybit’s proof-of-reserves (PoR) link and Nansen dashboard. These tools offer clear insights into Bybit’s financial reserves and the overall worth of their cryptocurrency assets.
The Proposed Ratio (PoR) indicates that the value of the assets held by the trading platform exceeds the total amount deposited by users. This means that there is a buffer of assets above and beyond user deposits, ensuring sufficient liquidity for users to withdraw their full deposit amounts if needed.
Based on the data from Nansen’s dashboard, I discovered that the crypto wallets managed by Bybit hold a staggering net worth exceeding $11 billion in digital assets. This substantial value represents the combined worth of the tokens stored in the given addresses belonging to Bybit.
The analytics platform pointed out that this representation did not include the entirety of Bybit’s real assets or reserves.
Insolvency Rumors and Regulatory Challenges
As aanalyst, I’d rephrase it as follows: On May 22, unfounded rumors concerning my analysis of Bybit’s financial status emerged on social media platform X. These rumors gained traction due to memes generated from a viral FTX-related post that inadvertently included references to Bybit.
As a crypto investor, I pondered over the recent buzz surrounding the potential issue with Arkham Intelligence’s proof-of-reserves graph. Some users jested about withdrawing their funds in light of the situation, while others, including myself, were more inclined to delve deeper into the matter. One possibility that crossed my mind was a potential bug within the graph causing the stir.
this is FALSE news
it’s bybit
there is a bug in the @ArkhamIntel proof of reserves graph that is likely causing the rumour
if u check their wallets individually u can easily prove the graph is broken
— s0y bo1 (@s0ybo1) May 22, 2024
It appeared from the graph that Bybit’s wallets were being emptied out, sparking worries about a possible hack or insolvency incident. Yet, upon closer examination by independent sources, it was discovered that the funds in the wallets remained untouched.
Beyond the speculation of insolvency, Bybit encountered regulatory hurdles in May. On the 16th, the French financial markets regulator, Autorité des Marchés Financiers, intensified a notice indicating that Bybit lacked registration as a digital asset provider in France. They asserted their power to restrict the platform, labeling it as operating “illegally” within the country.
Bybit announced that it has been collaborating closely with the AMF and intends to apply for a license. In order to adhere strictly to local laws, the firm plans to withdraw from the French market by the end of 2023.
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2024-05-23 17:05