Debunking Bankruptcy Rumors: Bybit's Finances Firmly Intact

IconCryptoNewsTerminal Staff23 May, 2024

cryptonews.jpg

Debunking Bankruptcy Rumors: Bybit's Finances Firmly Intact

Global crypto exchange Bybit has recently been the subject of unfounded bankruptcy rumors, which have now been debunked as a result of a graph display error within the blockchain analysis platform Arkham. The error led to an incorrect representation of Bybit's balance, sparking concerns within the crypto community. However, Bybit has since released a statement assuring users that their assets are safe and that the rumors are baseless. "The rumor that Bybit is facing a bankruptcy crisis due to the outflow of more than $50 million worth of assets in a single day is groundless," said a Bybit official in an interview with The Block. "It is likely being spread by individuals who are dissatisfied with Bybit's strict compliance measures." Bybit's Proof of Reserves (PoR), audited by reputable on-chain analysis platforms such as Nansen and DefiLlama, confirms the accuracy of Bybit's financial standing and the safety of users' assets. Bybit emphasizes that such rumors are entirely false and that users can rest assured that their funds are secure.

Related News