Bybit CEO Clarifies Bankruptcy Rumors
Cryptocurrency enthusiasts were recently surprised by the following facts: There were rumors that the Bybit cryptocurrency exchange was hacked and went bankrupt.
The situation further intensified. A meme reminiscent of one circulated during the FTX scandal is currently targeting Bybit.
Bybit co-founder and CEO Ben Zhou addresses these concerns and Provided evidence to refute the claim.
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These rumors have sparked mixed reactions among users. Some joke about withdrawing funds.
One user suggested: Misinterpretation of Arkham Intelligence’s data may have sparked concerns. The data appears to indicate that Bybit’s wallets are being depleted, raising concerns about a possible hack or bankruptcy.
On May 23, Zhou publicly Rumors about X were refuted as having no evidence.
To make everything clear, he shared a link to Bybit’s Proof of Reserves (PoR) and Nansen dashboard, which details the cryptocurrency exchange’s assets. PoR has proven that: Bybit holds assets exceeding 100% of user deposits, We guarantee that all user funds are safe and can be withdrawn at any time.
According to the Nansen dashboard, Bybit’s The wallet contains over $11 billion worth of cryptocurrency. However, Nansen clarified that while this data represents the value of tokens at a given address, it is not a comprehensive account of Bybit’s total assets or reserves.
Despite the initial panic, Bybit’s response and the evidence provided by Zhou reassured many users.
In other news, there were similar concerns with the Rain cryptocurrency exchange this month. ZachXBT reported that Rain was “likely exploited” for $14.8 million, and the cryptocurrency exchange’s co-founder later issued a statement guaranteeing the security of customer funds.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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