Finance

Bybit CEO Ben Zhou Quashes Insolvency Rumors with Proof-of-Reserves

May 23, 2024 1 min read

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Bybit CEO Ben Zhou has denied rumors that the cryptocurrency exchange is insolvent or has been hacked. These rumors, which circulated on X, were triggered by a misleading proof-of-reserves (PoR) graph. Zhou addressed the concerns by sharing links to Bybit's PoR and a Nansen dashboard, showing that the exchange holds assets worth over 100% of user deposits. The PoR indicates that Bybit’s wallets collectively contain over $11 billion in crypto assets, ensuring that all user withdrawals can be covered.

Despite Zhou's reassurances and the evidence provided, Bybit is facing regulatory challenges. France's securities regulator, the Autorité des Marchés Financiers (AMF), has issued a warning stating that Bybit is not registered as a digital asset provider in the country and has the authority to block the platform from providing services illegally. Similarly, Hong Kong's Securities and Futures Commission (SFC) has listed Bybit as a suspicious crypto exchange, adding to the scrutiny the platform faces.

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