On May 22, ByBit, one of the trustworthy cryptocurrency exchanges was reportedly hacked. The news caused triggered panic in the market. However, the Bybit team clarified that the rumor holds no real facts and underwent a Proof-of-Reserves (PoR) update.
Rumors Have No Real Facts, Says Zhou
On May 22, rumors of Bybit’s hack in private chats created panic situations among the crypto community. Individuals made jokes about fund withdrawals whereas some tried to examine the situation.
One of the crypto enthusiasts encountered a bug in a PoR graph from Arkham Intelligence which could be one of the reasons behind the rumors. PoR is a verification method to confirm whether the exchange is holding on to user funds.
Ben Zhou, Bybit’s co-founder, took to X to make it clear that Bybit is safe from any kind of hack or phishing attack.
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
According to Zhou, the rumors are fake. Also, the exchange updated PoR this month and ensured the user funds were safe. Furthermore, Bybit warned users to stay safe from such attacks and not to click any link that does not appear safe.
To make it more clear, Zhou shared a few links from where users can check Bybit’s current data and facts.
What ByBit’s Data Says
According to CoinMarketCap, Bybit is the third-largest exchange by trading volume. At press time, the exchange had $4,730,107,843.40 in 24-hour trading volume with over 5,878,578 weekly visits.
Binance secured the top position, holding $21,626,600,637 in trading volume, and Coinbase, alternatively, secured $2,950,364,782.
Bybit Token Allocation I Source: Nansen Portfolio
Moreover, the exchange had $11.2 Billion in total assets among which 32.33% ($3.43 Billion) was secured by Bitcoin (BTC). Tether (USDT) holds $2.32 Billion whereas Ethereum (ETH) reserved $1.21 Billion of the total assets.
Despite its outstanding performance, Bybit isn’t far away from legal disputes.
ByBit Vs AMF: Is Bybit Blacklisted?
Recently on May 16, the Autorité des Marchés Financiers (AMF) warned crypto investors and traders that Bybit is operating illegally in France. Per the AMF, the exchange had failed to comply with regulations and needed to register as a legal digital asset provider.
AMF blacklisted Bybit on May 20, 2022, and pursued legal actions against the exchange due to its failure to concede with the regulatory standards. Also, AMF urged the investors to make proper arrangements for asset management in case the platform suddenly ceased.
