DUBAI, UAE, June 25,
2024 /PRNewswire/ -- Bybit, one of the world's
top three crypto exchanges by volume, announced the
completion of its 11th Proof of Reserves (PoR) audit. This
independent, third-party verification was conducted by Hacken, a
renowned blockchain security leader, further bolstering trust and
transparency for Bybit's users. The audit not only verifies that
Bybit's reserves exceed user deposits by over 100% for 40 major
cryptocurrencies, but also marks the company as one of
the top crypto exchanges to leverage a third-party
security audit for its PoR methodology.
"Bybit is committed to fostering trust through tangible proof,"
said Ben Zhou, Co-founder and CEO of
Bybit. "Our decision to undergo a rigorous third-party audit by
Hacken underscores our unwavering commitment to transparency and
sets a new standard for the cryptocurrency
industry."
Why Third-Party Audits Matter for Proof of Reserves
Proof of Reserves audits are crucial for building trust in the
cryptocurrency space. However, the validity of these
audits hinges on the security of the underlying methodology. By
partnering with Hacken, Bybit ensures the integrity and robustness
of its PoR process.
Key Highlights of Bybit's 11th PoR Audit:
- Industry-leading Third-Party Audit: Bybit is at the forefront
of transparency, becoming one of the first major exchanges to
engage a third-party security audit for its PoR.
- Enhanced Accountability: Hacken's rigorous security review
identified no critical vulnerabilities in Bybit's PoR methodology,
further solidifying user confidence.
- Comprehensive Security Review: Hacken's security audit process
involves a rigorous analysis of the code and functionality of
Bybit's PoR. The review covered key areas such as dependency
management, cryptographic frameworks, code quality, error handling,
and testing.
- Merkle Tree Methodology: Bybit uses the now-standard method of
combining Merkle trees with a third-party auditing firm and
independent user validation to enhance transparency and
security.
"Bybit's dedication to transparency through regular PoR audits,
coupled with their commitment to independent security assessments,
sets a strong example for the entire industry. We are proud to be a
part of this pioneering initiative," added Yevheniia Broshevan,
Co-Founder & CBDO at Hacken.
By prioritizing independent verification and comprehensive
audits, Bybit establishes itself as a leader in user trust and
transparency. This commitment empowers users to trade with
confidence, knowing their assets are secure and their investments
are backed by a reliable exchange.
#Bybit / #TheCryptoArk /#BybitWeb3
About Bybit
Bybit is one of the world's top three
cryptocurrency exchanges by volume with 30 million
users. Established in 2018. It offers a professional platform where
crypto investors and traders can find an ultra-fast
matching engine, 24/7 customer service, and multilingual community
support. Bybit is a proud partner of Formula One's reigning
Constructors' and Drivers' champions: the Oracle Red Bull Racing
team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: media@bybit.com
For more information, please visit: https://www.bybit.com
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SOURCE Bybit