Bybit releases reserve wallet addresses amid calls for transparency
Wallets appear to indicate that over $1 billion worth of BTC, USDT, ETH and USDC are held by the exchange.
Crypto exchange Bybit released the addresses of its largest crypto wallets on November 16. This follows the collapse of FTX and calls for greater transparency in the sector. Bybit listed the addresses in a press release.
Nansen also produced a dashboard of Bybit's portfolios, which shows that the exchange's over $1 billion in assets are in Bitcoin (BTC), Tether (USDT), Ether (ETH) and USD Coin (USDC). In the press release, the company claimed that these assets represent more than 85% of the total cryptocurrencies held by the exchange.
1) Disclose asset portfolios of major Bybit users (excluding other assets and unconsolidated portfolios, too many to list ~ +20%) . About $1.9 billion. Bybit is also working on POR solutions such as Merkel Tree at the UID level. https://t.co/fAszQVKNJF
— Ben Zhou (@benbybit) November 16, 2022The crypto market experienced a slump as FTX, the world's second largest crypto exchange by volume, was unable to process withdrawals and filed for bankruptcy. In the wake of this crisis, Binance CEO Changpeng Zhao advocated for all exchanges to create a proof of reserves protocol that will prove to the community that their assets are equal to or greater than their liabilities.
Bybit's publication of wallet addresses is not proof of reserve as it does not provide a Merkle tree of the exchange's debts to clients. However, releasing the wallet addresses is a prerequisite for later creation of a proof of reserve, should Bybit choose to do so...
Wallets appear to indicate that over $1 billion worth of BTC, USDT, ETH and USDC are held by the exchange.
Crypto exchange Bybit released the addresses of its largest crypto wallets on November 16. This follows the collapse of FTX and calls for greater transparency in the sector. Bybit listed the addresses in a press release.
Nansen also produced a dashboard of Bybit's portfolios, which shows that the exchange's over $1 billion in assets are in Bitcoin (BTC), Tether (USDT), Ether (ETH) and USD Coin (USDC). In the press release, the company claimed that these assets represent more than 85% of the total cryptocurrencies held by the exchange.
1) Disclose asset portfolios of major Bybit users (excluding other assets and unconsolidated portfolios, too many to list ~ +20%) . About $1.9 billion. Bybit is also working on POR solutions such as Merkel Tree at the UID level. https://t.co/fAszQVKNJF
— Ben Zhou (@benbybit) November 16, 2022The crypto market experienced a slump as FTX, the world's second largest crypto exchange by volume, was unable to process withdrawals and filed for bankruptcy. In the wake of this crisis, Binance CEO Changpeng Zhao advocated for all exchanges to create a proof of reserves protocol that will prove to the community that their assets are equal to or greater than their liabilities.
Bybit's publication of wallet addresses is not proof of reserve as it does not provide a Merkle tree of the exchange's debts to clients. However, releasing the wallet addresses is a prerequisite for later creation of a proof of reserve, should Bybit choose to do so...
What's Your Reaction?
