world’s largest cryptocurrency Ben Zhou, CEO of Bybit, one of the stock exchanges, denied rumors about the company’s bankruptcy. Rumors that started circulating on social media platform X on May 22 suggested that Bybit was bankrupt or hacked.
Responding to these claims, Zhou said, “There is no fact to support any of the rumors I have seen so far. Please be aware.” said. He also noted that Bybit updated its Proof of Reserve (PoR) this month and that all Bybit wallets are viewable through Nansen, with total assets exceeding $11 billion.
A cryptocurrency user suggested that an error in Arkham Intelligence’s proof-of-reserve chart could be the source of the rumor. In response to this speculation, Zhou shared a link to Bybit’s PoR data and a Nansen dashboard showing all Bybit wallets and the amount of assets they hold, in an attempt to provide transparency and reassure users.
Such rumors have historically affected not only Bybit but other exchanges as well. For example, concerns about MEXC increased after the “MEXC_CEO” Twitter account was discontinued in December 2023. This coincided with a rise in user complaints about frozen funds, fueling concerns about the financial health of the exchange.
*This is not investment advice.
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