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Bybit's Remarkable Recovery: A Commitment to Transparency

In a remarkable demonstration of resilience, Bybit, the world's second-largest cryptocurrency exchange by trading volume, showcased its commitment to transparency and customer protection through a recent audit process. On February 23, 2025, an audit conducted by the prominent cybersecurity firm Hacken confirmed that Bybit successfully restored its customer asset ratio to 1:1 within just 72 hours following a significant incident on February 21.

This audit—a crucial step toward reinforcing trust—analyzed the reserves of Bybit. Hacken meticulously examined the exchange's wallets, providing an in-depth review of 40 different digital assets to verify that all user assets were adequately backed.

Key Takeaways from the Audit

The audit aimed to assess whether Bybit had sufficient reserves to cover customer assets across the board. Significant assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tether (USDT), and USD Coin (USDC) all exceeded the required collateral ratios of over 100%. This audit underscores Bybit's strong dedication to maintaining high standards of transparency and financial integrity under all circumstances.

Ben Zhou, the Co-founder and CEO of Bybit, commented, "Bybit fully covers all customer assets entrusted to our platform and maintains a dynamic ratio exceeding 1:1. We are fortunate to have supportive friends and colleagues from across the industry, especially during challenging times. Our customers deserve this commitment."

The Audit Process

Hacken's comprehensive audit process utilized the Merkle tree method, which allowed for the verification of reported assets' integrity. They gathered information from Bybit's management regarding all major public addresses holding in-scope assets, further validating expected blockchain transactions to confirm control and ownership.

In addition to this, rigorous validation procedures were implemented using official Merkle-proof validation techniques to ensure the reported liabilities' accuracy. Yevheniia Broshevan, Co-Founder and CBDO of Hacken, noted, “Bybit's focus on transparency through regular Proof of Reserves audits and independent assessments establishes a strong standard within the sector. We appreciate being part of this crucial initiative during a critical period.”

Resilience in Action

On February 24, Bybit addressed the ETH gap of customer assets in a record 72 hours through strategic partnerships with industry giants like Galaxy Digital, FalconX, and Wintermute. The collaboration with Bitget, MEXC, and DWF Labs further showcased Bybit's robust relationships within the sector.

The rapid execution of these funding strategies highlights Bybit's capability to maintain platform stability in difficult times, aligning with the industry’s shared vision of a new era of reliable financial systems. By prioritizing independent verification and comprehensive audits, Bybit solidifies its commitment to user trust and transparency.

Regular assessments, emergency response protocols, and security infrastructure reviews ensure that Bybit remains ahead of the curve, adapting to evolving challenges and demands in the digital asset industry.

About Bybit

Founded in 2018, Bybit serves a global community of over 60 million users, continuously innovating the crypto exchange landscape. Bybit is renowned for its secure custody solutions, diverse marketplaces, user-friendly experience, and advanced blockchain tools. By bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi), Bybit empowers builders, creators, and enthusiasts to unlock the full potential of Web3.

For more information about Bybit, visit Bybit Press. To stay updated, follow Bybit's community on various platforms including Discord, Facebook, Instagram, LinkedIn, Reddit, Telegram, TikTok, X, and YouTube.

This audit not only reinforces Bybit's ethical standards but also reflects its determination to provide users with a secure and transparent trading environment.