This week, rumors online claimed that a crypto exchange was experiencing insolvency issues, worrying the community. Amid the uncertainty, users identified Bybit as the exchange with alleged problems.
On Wednesday, Bybit’s CEO Ben Zhou refuted the rumors of a hack or lack of solvency on X, reassuring investors the exchange was operating as normal.
Bybit’s CEO Dispels The Rumors
On Tuesday, reports circulated of a crypto exchange insolvency on private chats. The rumors sparked fear of another FTX-like debacle looming. The reports originally surged as Arkham Intelligence’s Proof-of-Reserves (PoR) graph suddenly dropped from the $11 billion range to the $6 billion mark.
An X user quickly pointed out that the news was false as Arkham’s graph was broken. The user detailed that a specific wallet was causing a bug that didn’t show over $4 billion in funds in the chart. However, if checked individually, all assets appeared on the wallets.
The community took the incident
We współpracy z: https://bitcoinist.com/bybit-ceo-denies-crypto-hack-and-insolvency-rumors/
