HomeBinance UpdatesBen Zhou Confirms Bybit Not Hacked, Updates Proof-of-Reserves

Ben Zhou Confirms Bybit Not Hacked, Updates Proof-of-Reserves

ByBit Rumor Clarification and Data Analysis

The cryptocurrency exchange ByBit faced a wave of panic in the market after rumors of a hack surfaced on May 22. However, Bybit’s co-founder, Ben Zhou, quickly debunked the rumors, stating that the exchange had undergone a Proof-of-Reserves (PoR) update and that user funds were safe.

Zhou took to Twitter to reassure users, stating that the rumors had no real facts supporting them. He emphasized that Bybit had updated its PoR that month and urged users to be cautious of phishing attacks.

According to CoinMarketCap, Bybit is the third-largest exchange by trading volume, with $4,730,107,843.40 in 24-hour trading volume and over 5,878,578 weekly visits. Despite its strong performance, Bybit has recently faced legal disputes, with the Autorité des Marchés Financiers (AMF) in France blacklisting the exchange for operating illegally and failing to comply with regulations.

As the crypto community navigates through these challenges, Bybit continues to strive for transparency and security in its operations. Stay tuned for more updates on this developing story.

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