Cryptocurrency exchange Bybit has announced significant progress in restoring assets and trust following a recent security incident. The company has implemented recovery measures and strengthened security protocols to protect its global user base.
Key Recovery Milestones
Bybit has successfully restored 77% of its Assets Under Management to pre-incident levels, underscoring its robust recovery strategy and sustained client confidence. The exchange has improved spot market liquidity and reinforced its contract market positions, demonstrating substantial improvements over pre-incident conditions. Bybit's trading activity remains strong, with volumes exceeding $40 billion in the past two days.
Strengthened Proof of Reserves
Aligned with its commitment to transparency, Bybit has conducted an additional proof of reserves audit, confirming full collateralization of all client assets. Cryptocurrencies BTC and ETH are collateralized at 102%, SOL at 103%, USDT at 104%, USDE at 116%, and USDC at 229%. These figures underscore Bybit’s financial stability and its commitment to ensuring client assets remain fully backed at all times.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit aims to create a simpler and open ecosystem for everyone, with a focus on Web3 and partnerships with leading blockchain protocols. Bybit is renowned for its secure custody, diverse marketplaces, and advanced tools bridging the gap between TradFi and DeFi.
Bybit demonstrates resilience and a commitment to innovation following the security incident, continuing to build trust with its users and ensure robust asset support.
