Bybit CEO Debunks Insolvency Rumors Amid Regulatory Challenges
Bybit's CEO, Ben Zhou, took to X to dispel rumors circulating about the platform's alleged hack and insolvency.
The speculation, which emerged on May 22, quickly gained momentum on X, fueled by memes reminiscent of a previous FTX-related incident but this time centered around Bybit.
Some users joked about withdrawing their funds, while others speculated on the validity of the rumors. Concerns arose from a purported bug in a proof-of-reserves graph from Arkham Intelligence, suggesting a draining of Bybit’s wallets. However, independent verification showed no such activity.
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Bybit refuted the claims the next day, with Zhou addressing the community on X, stating that none of the rumors had factual basis. He also shared Bybit’s proof of reserves and a Nansen dashboard revealing over $11 billion in crypto assets held by the platform.
Despite the reassuring data, Nansen cautioned that their findings weren’t exhaustive.
Aside from the insolvency rumors, Bybit faced regulatory challenges in May when France’s securities regulator warned investors about the exchange’s unregistered status as a digital asset provider in the country, potentially facing legal consequences.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
