Bybit, a leading cryptocurrency exchange, has announced the successful completion of its 11th Proof of Reserves (PoR) audit, conducted by the renowned blockchain security firm, Hacken. This third-party audit has significantly boosted trust and confidence among Bybit’s users, confirming that the exchange holds over 100% of reserves to user deposits for 40 selected cryptocurrencies. Bybit’s commitment to transparency is further underscored by its status as one of the largest crypto exchanges to undergo a third-party security audit for the PoR methodology.
CEO of Bybit, Ben Zhou, emphasized the importance of building trust through transparency, highlighting their decision to undergo a third-party audit with Hacken. These Proof of Reserves audits play a crucial role in restoring trust in the cryptocurrency industry, and Bybit’s partnership with Hacken ensures the reliability and effectiveness of the PoR process.
Bybit’s dedication to transparency is evident in its proactive approach to third-party security audits. The comprehensive security audit conducted by Hacken found no significant issues with Bybit’s PoR approach, further strengthening user trust. Bybit’s commitment to transparency and security is also demonstrated through its use of Merkle trees in conjunction with third-party auditing firms and participant validation.
Yevheniia Broshevan, co-founder & CBDO at Hacken, lauded Bybit’s transparent approach to PoR audits, predicting that it will set a new standard for the industry. By conducting independent verification and thorough audits, Bybit aims to establish a foundation of trust and openness, giving users the confidence to trade knowing that their investments are secure.