Bybit, a leading cryptocurrency exchange in terms of trading volume, recently completed its 11th Proof of Reserves (PoR) audit with Hacken, a renowned blockchain security firm. This third-party audit has not only increased trust among Bybit’s consumers but has also reinforced the company’s commitment to transparency. The audit confirmed that Bybit’s reserves are over 100% of user deposits for 40 selected cryptocurrencies, positioning it as one of the largest exchanges to undergo a third-party security audit for the PoR methodology.
Ben Zhou, the Co-founder and CEO of Bybit, emphasized the significance of gaining trust through actions rather than mere words. By submitting to a third-party audit with Hacken, Bybit is demonstrating its dedication to transparency. The Proof of Reserves audits play a crucial role in restoring faith in the cryptocurrency industry, but their effectiveness depends on the security of the methodology used. By partnering with Hacken, Bybit ensures the reliability and efficacy of the PoR process, enhancing user trust in the platform.
Bybit’s commitment to transparency is further evident in its proactive approach to seeking third-party security audits for their PoR. Hacken conducted a thorough security audit and found no major issues with Bybit’s PoR methodology, further boosting user trust in the platform. The security audit process focuses on scrutinizing Bybit’s PoR code and functionality, including areas such as dependency, cryptographic processes, code quality, errors, and testing. This rigorous evaluation validates Bybit’s commitment to maintaining a secure and trustworthy platform for its users.
Bybit’s adoption of a standard approach, utilizing Merkle trees alongside third-party auditing firms and participant verification, underscores its dedication to transparency and security. Yevheniia Broshevan, the co-founder & CBDO at Hacken, commended Bybit for its transparency in PoR audits and third-party security reviews. This commitment to thorough audits and verification sets a new standard for the industry, ensuring that users can trade on Bybit with full confidence and peace of mind knowing that their investments are protected within the exchange.
In conclusion, Bybit’s completion of its 11th Proof of Reserves audit with Hacken highlights the platform’s dedication to transparency and security. By undergoing third-party security reviews and audits, Bybit is setting a new standard for the industry, reinforcing user trust and confidence in the platform. Through their commitment to openness, trust, and reliability, Bybit continues to solidify its position as a leading cryptocurrency exchange that prioritizes the security and well-being of its users’ investments.
