ASX-Dividend-Report-Banner

Bybit Strengthens Transparency and Confidence with Third-Party Verified 11th Proof-of-Reserves Audit

June 25, 2024 11:52 PM AEST | By Cision
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp
 Bybit Strengthens Transparency and Confidence with Third-Party Verified 11th Proof-of-Reserves Audit
Image source: Kalkine Media

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 Strengthens Transparency and Confidence with Third-Party Verified 11th Proof-of-Reserves Audit
Bybit Strengthens Transparency and Confidence with Third-Party Verified 11th Proof-of-Reserves Audit

"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: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit's Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

AU_advertise

Advertise your brand on Kalkine Media

Recent Articles

Investing Tips

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.