Bybit Restores 1:1 Customer Asset Ratio in Latest Proof of Reserves Audit – BitRss

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully completed a new audit confirming a 1:1 customer asset ratio. The audit, conducted by cybersecurity firm Hacken, was finalized on February 23, 2025. This follows a significant incident on February 21, where Bybit swiftly restored its reserves within 72 hours.

The comprehensive audit covered 40 asset types, verifying Bybit’s ability to fully back user assets. Key cryptocurrencies such as Bitcoin (BTC ($95,502.35)), Ethereum (ETH ($2,675.07)), Solana (SOL ($156.76)), Tether (USDT ($1.00)), and USD Coin (USDC ($1.00)) were found to exceed 100% collateral ratios. Bybit’s commitment to transparency and fiscal responsibility was reaffirmed through this process.

Comprehensive Audit and Verification

Hacken’s audit involved a detailed examination of Bybit’s liabilities using the Merkle tree method to ensure asset integrity. The process included verifying public key addresses and expected blockchain transactions to confirm control and ownership of assets.

Yevheniia Broshevan, Co-Founder & CBDO at Hacken, emphasized the importance of Bybit’s transparency efforts, stating, “Bybit’s focus on transparency through regular Proof of Reserves audits and independent assessments sets a strong standard within the industry.”

Strategic Partnerships and Rapid Response

Bybit’s ability to close the ETH gap within 72 hours was facilitated by strategic partnerships with firms like Galaxy Digital, FalconX, and Wintermute. Additional support from Bitget, MEXC, and DWF Labs played a crucial role in replenishing reserves swiftly.

This rapid response highlights Bybit’s robust industry relationships and its capacity to maintain platform stability during challenging times. The exchange’s proactive approach reflects a shared vision of a reliable financial system within the cryptocurrency industry.

Bybit continues to prioritize independent verification and comprehensive audits to reinforce user trust and transparency. The exchange regularly reviews best practices and security infrastructure to address the evolving challenges in the digital asset sector.

For more details on Bybit’s Proof of Reserves, visit here.

Why This Matters: Impact, Industry Trends & Expert Insights

Bybit has successfully restored its 1:1 customer asset ratio following a recent audit, reinforcing its commitment to transparency and user trust in the cryptocurrency exchange sector.

Recent industry reports indicate that the use of Proof of Reserves (PoR) audits is becoming a trend in the crypto space. This approach emphasizes transparency and trust, as seen in Bybit’s recent audit results. This aligns with Bybit’s efforts to maintain liquidity integrity and reassure users of asset backing.

As per insights from a The Accountant Quits report, expert opinions highlight the complexity and unique challenges involved in cryptocurrency exchange asset audits. This reinforces the significance of Bybit’s comprehensive audit process in ensuring asset integrity and transparency.

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