Bybit, a leading global 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 bolstered trust and confidence among Bybit’s user base, confirming over 100% reserves for 40 selected cryptocurrencies in comparison to user deposits. Bybit has positioned itself as one of the largest crypto exchanges employing third-party security audits for the PoR methodology.
CEO and Co-founder of Bybit, Ben Zhou, emphasized the paramount importance of trust and transparency in the cryptocurrency industry. The decision to undergo a third-party audit with Hacken underscores Bybit’s unwavering commitment to these values.
Proof of Reserves audits not only play a crucial role in rebuilding trust within the cryptocurrency sector but also hinge on the security and validity of the underlying methodology. Bybit’s partnership with Hacken ensures the robustness and effectiveness of the PoR process, setting a new standard for the industry.
Bybit’s dedication to transparency is further exemplified by its proactive approach in seeking third-party security audits for their PoR. Hacken’s comprehensive security audit detected no significant issues with Bybit’s PoR approach, reinforcing user trust. The audit process scrutinized Bybit’s PoR code and functionality, covering areas such as dependency, cryptographic, code quality, errors, and testing.
By employing a standardized approach that combines Merkle trees, third-party auditing, and participant validation, Bybit has established a strong foundation of trust and transparency. Yevheniia Broshevan, co-founder & CBDO at Hacken, commended Bybit for its commitment to transparency through third-party security reviews, asserting that it will set a new industry standard.
Through independent verification and meticulous audits, Bybit instills confidence in its users, assuring them that their investments are secure and protected within the exchange.