Bybit expands proof-of-reserves audit
An independently verifiable audit confirmed that Bybit’s cryptocurrency reserves range from 100% to 124% of what is owed to customers. Cryptocurrency exchange Bybit has expanded its proof -of -reserves audit to include 32 different cryptocurrencies, according to a Dec. 20 press release. This audit verifies that Bybit’s reserves match or exceed the assets held by customers on the exchange. The audit affirmed that Bybit’s cryptocurrency reserves range from 100% to 124% of the balance owed to customers. This indicates that the exchange holds sufficient collateral to back all assets under management. You might also like: OKX celebrates 1 year anniversary of proof of reserves Bybit utilizes a multi-tier wallet system comprising cold, warm, and hot wallets to securely store digital assets. The exchange has partnered with cryptocurrency custodians Fireblocks and Copper to reinforce asset protection protocols. The expanded proof-of-reserves aligns with Bybit...