WiremarketsBrief
Bybit Says $17.3B Proof of Reserves Covers 50 Assets, but the Audit Has Limits
Bybit says the latest snapshot of its proof-of-reserves system covered $17.3 billion in customer assets across 50 cryptocurrencies.
Brief
Bybit said its most recent proof-of-reserves check counted $17.3 billion in customer holdings spread over 50 cryptocurrencies. The figures appear in a November 3 announcement covering the exchange's 41st such report. Security firm Hacken independently checked the numbers against a snapshot taken on October 27 at 06:00 UTC.
Bybit reported reserve ratios above 100% for every one of the 50 assets, with USDT at 112%, USDC at 405%, Bitcoin at 102% and Ether at 101%. Each ratio compares identified reserves with customer balances under the disclosed method. The article cautions that a single snapshot captures one moment, that reserves or liabilities may have shifted afterward, and that such an exercise is not a blanket guarantee of solvency or a substitute for broader corporate financial statements.
Why it matters: It shows how a recurring, third-party-checked reserve disclosure can be compared over time, while its limits leave other risks for readers to weigh.
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Bybit's proof-of-reserves snapshot covers $17.3 billion across 50 cryptocurrencies
Terms in this story
- Proof of reserves
- Evidence an exchange or issuer publishes to show it holds the assets it owes customers, often wallet balances plus an audit.
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