The post ByBit CEO Debunks Insolvency Rumors, Shares PoR Link appeared first on Coinpedia Fintech News
The CEO of Bybit, Ben Zhou, has addressed rumors about the platform being hacked and insolvent which circulated on X with a storm of memes spreading on it. A user speculated that a bug in a proof-of-reserves graph from Arkham Intelligence is likely causing the rumor. On May 23, Zhou officially announced that the rumors were false with no real facts supporting it. He also shared a link to ByBit’s PoR which showed the platform holding assets worth more than 100% of user deposits and a Nansen dashboard which showed that Bybit’s wallets have over $11 billion in crypto assets.