The rumors do not have “any solid data” behind them, as Ben Zhou made clear in a post he published on X.
Bybit CEO Ben Zhou claimed in a post uploaded on X Chat that the platform had been compromised and was bankrupt.
Word got around on X on May 22 that an exchange was going bankrupt. A slew of memes referencing Bybit, which had previously circulated on X in response to a popular FTX-related post, further amplified the notion as it went viral.
While some attempted to get a deeper understanding of the issue, others made jokes about taking the funds out of the trade.
A cryptocurrency user surmised that the rumor may have been the result of a flaw in a proof-of-reserves graph from Arkham Intelligence.
Some may be concerned that Bybit was either hacked or bankrupt since it seemed as if their wallets were being depleted inside the graph. But when looked at separately, the wallets on the trading site still indicated that the funds were there.
Bybit made it clear the next day that the rumors had no basis in reality. The reports were unfounded, according to Zhou’s public announcement on X on May 23. What he wrote was:
“Please be advised that there are no actual facts backing any of the rumors that I have come across so far.”
Zhou also provided a link to Bybit’s proof of reserves (PoR) and a Nansen dashboard that displays the total number of Bybit wallets together with their asset holdings.
Users may be certain that the exchange will have all of their assets at their fingertips if they choose to withdraw them since the PoR reveals that the trading platform owns assets worth more than 100% of user deposits.
Bybit wallets have more than $11 billion worth of cryptocurrency, according to the Nansen dashboard statistics. Nansen claims that the net worth reflects the whole value of the tokens held at the Bybit-provided addresses.
While this analytics tool did not intend for this to be an exhaustive accounting of Bybit’s real assets or reserves, it did so anyway.
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