Bybit CEO Denies Rumors of Hack and Insolvency Amid Social Media Frenzy

cryptonews.com:

Speculations regarding Bybit’s potential hack or insolvency sparked concerns within the crypto community, prompting CEO Ben Zhou personally to step in to refute these claims on May 23.

Amid a flurry of social media rumors questioning Bybit’s solvency and security, Zhou, one of the prominent cryptocurrency exchanges, provided reassurance about the exchange’s financial stability and robust security measures.

In response to the escalating rumors, Zhou took to Twitter to address the situation directly, emphasizing that Bybit remains financially solvent and secure. He pointed out that the exchange recently updated its Proof of Reserves (POR) and highlighted the thoroughness of Bybit’s security measures, reassuring the audience of the platform’s safety.

Zhou’s message reassured Bybit users and the wider crypto community that the exchange’s financial position was robust.

“Hearing some rumors about Bybit being insolvent or hacked, etc,” he said. “Please note that we have updated our Proof of Reserves (POR) this month as well as you can view all Bybit wallet through Nansen (Total more than 11B). None of the rumors that I have seen so far have any real facts supporting it; Please be aware.”

hearing some rumours about Bybit being insolvent or hacked and etc. Please note that we have updated our POR this month as well as you can view all Bybit wallet through Nansen (Total more than 11B) . None of the rumours that I have see so far have any real facts supporting it,…

— Ben Zhou (@benbybit) May 23, 2024

He referenced Bybit’s updated Proof of Reserves (PoR) and highlighted that the platform holds more than 11 billion dollars in assets, according to Nansen data . The statement from Zhou comes amid heightened scrutiny surrounding