Bybit, one of the world’s top three crypto exchanges by volume, announced the completion of its 11th Proof of Reserves (PoR) audit. This third-party audit was completed by Hacken. It is an industry leader in blockchain security. It has increased trust and freedom for Bybit’s consumers. That is why the audit confirms the over 100% level of Bybit reserves to user deposits for 40 selected cryptocurrencies. It also indicates the company as one of the largest crypto exchanges that use a third-party security audit for the PoR methodology.
Bybit CEO Stresses Trust with Third-Party Audit Commitment
Ben Zhou, Co-founder and CEO of Bybit, highlighted the importance of gaining people’s trust by showing it. He said that they have decided to go through a third-party audit with Hacken to emphasize their commitment to transparency.
The Proof of Reserves audits are important for restoring the trust in the cryptocurrency industry. However, the validity of these audits depends on the security of the underlying methodology. Therefore, by partnering with Hacken, Bybit guarantees the reliability and effectiveness of the PoR process.
In regard to transparency, Bybit stands as one of the exchanges that actively seek a third-party security audit for their PoR. As mentioned above, Hacken completed a thorough security audit and did not detect any significant issues with Bybit’s PoR approach, which increases user trust. The security audit process also entails a thorough inspection of Bybit’s PoR focusing on the code and functionality in areas such as dependency, cryptographic, code quality, errors, and testing.
Bybit Enhances User Trust Through Thorough Audits and Verification
Bybit employs a standard approach that entails the use of Merkle trees in conjunction with a third-party auditing firm and participants’ validation. Yevheniia Broshevan is the co-founder & CBDO at Hacken. He expressed that Bybit has been doing great work in being transparent with PoR audits. They are going through third-party security reviews. As a result of this audit, it will become the standard for the industry.
Through the principles of independent verification and conducting thorough audits, Bybit lays a foundation of trust and openness. This commitment gives the users an assurance that they can trade with full confidence knowing that their investments are safe in the exchange.