Bybit, a leading global crypto exchange, has announced the successful completion of its 11th Proof of Reserves (PoR) audit, conducted by industry leader Hacken. This third-party audit has further strengthened trust and confidence among Bybit’s users, confirming reserves of over 100% to user deposits for 40 selected cryptocurrencies. Bybit’s commitment to transparency and security is evident in its decision to undergo third-party audits, making it one of the largest crypto exchanges to adopt this approach.
CEO Ben Zhou emphasized the importance of earning trust through transparency, highlighting the significance of the third-party audit with Hacken. The Proof of Reserves audits play a crucial role in rebuilding trust in the cryptocurrency industry, and Bybit’s partnership with Hacken ensures the reliability and effectiveness of the audit process.
Bybit’s dedication to transparency is evident in its proactive approach to third-party security audits for its PoR. Hacken’s comprehensive security audit found no significant issues with Bybit’s PoR methodology, further enhancing user trust. The audit process includes a thorough examination of Bybit’s PoR, focusing on code functionality, cryptographic elements, code quality, errors, and testing.
Bybit’s standard approach utilizes Merkle trees in conjunction with third-party audits and participants’ validation, ensuring a robust verification process. Yevheniia Broshevan, co-founder & CBDO at Hacken, commended Bybit for its commitment to transparency and security, predicting that this audit will set a new standard for the industry.
Through independent verification and rigorous audits, Bybit establishes a foundation of trust and openness, providing users with the confidence to trade knowing that their investments are secure.
