Bybit Strengthens Transparency and Confidence with Third-Party Verified 11th Proof-of-Reserves Audit
DUBAI, UAE, June 25, 2024 /PRNewswire/ — Bybit, one of the world’s top three crypto exchanges by volume, announced the completion of its 11th Proof of Reserves (PoR) audit. This independent, third-party verification was conducted by Hacken, a renowned blockchain security leader, further bolstering trust and transparency for Bybit’s users. The audit not only verifies that Bybit’s reserves exceed user deposits by over 100% for 40 major cryptocurrencies, but also marks the company as one of the top crypto exchanges to leverage a third-party security audit for its PoR methodology.
“Bybit is committed to fostering trust through tangible proof,” said Ben Zhou, Co-founder and CEO of Bybit. “Our decision to undergo a rigorous third-party audit by Hacken underscores our unwavering commitment to transparency and sets a new standard for the cryptocurrency industry.”
Why Third-Party Audits Matter for Proof of Reserves
Proof of Reserves audits are crucial for building trust in the cryptocurrency space. However, the validity of these audits hinges on the security of the underlying methodology. By partnering with Hacken, Bybit ensures the integrity and robustness of its PoR process.
Key Highlights of Bybit’s 11th PoR Audit:
- Industry-leading Third-Party Audit: Bybit is at the forefront of transparency, becoming one of the first major exchanges to engage a third-party security audit for its PoR.
- Enhanced Accountability: Hacken’s rigorous security review identified no critical vulnerabilities in Bybit’s PoR methodology, further solidifying user confidence.
- Comprehensive Security Review: Hacken’s security audit process involves a rigorous analysis of the code and functionality of Bybit’s PoR. The review covered key areas such as dependency management, cryptographic frameworks, code quality, error handling, and testing.
- Merkle Tree Methodology: Bybit uses the now-standard method of combining Merkle trees with a third-party auditing firm and independent user validation to enhance transparency and security.
“Bybit’s dedication to transparency through regular PoR audits, coupled with their commitment to independent security assessments, sets a strong example for the entire industry. We are proud to be a part of this pioneering initiative,” added Yevheniia Broshevan, Co-Founder & CBDO at Hacken.
By prioritizing independent verification and comprehensive audits, Bybit establishes itself as a leader in user trust and transparency. This commitment empowers users to trade with confidence, knowing their assets are secure and their investments are backed by a reliable exchange.
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About Bybit
Bybit is one of the world’s top three cryptocurrency exchanges by volume with 30 million users. Established in 2018. It offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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