Understanding Bybit’s Proof of Reserves

The Proof of Reserves report by Bybit demonstrates that the exchange maintains reserve ratios above 100% for all major assets. This is a crucial assurance for users, affirming that their holdings are fully backed by on-chain assets. The report has been independently verified by Hacken, further underlining Bybit’s dedication to trust and transparency.

Key Highlights from the Latest Report

As of December 17, 2025, Bybit’s reserves exceed user holdings, ensuring a robust backing of all assets:

• USDT Reserve Ratio: 102% (User Assets: 5.9B USDT | Bybit Wallet Balance: 6.1B USDT)
• USDC Reserve Ratio: 112% (User Assets: 583.5M USDC | Bybit Wallet Balance: 658.4M USDC)
• BTC Reserve Ratio: 105% (User Assets: 59,711 BTC | Bybit Wallet Balance: 63,206 BTC)
• ETH Reserve Ratio: 101% (User Assets: 528,519 ETH | Bybit Wallet Balance: 536,845 ETH)

Exceeding the 1:1 Backing Standard

Bybit’s reserve ratios consistently exceed the 1:1 threshold, providing additional liquidity buffers beyond the baseline user obligations. This reflects a balanced mix of customer holdings and reserve assets, ensuring complete asset backing.

The adoption of Proof of Reserves is becoming a standard across the digital asset industry. Bybit, along with other leading centralized exchanges, is playing a pivotal role in establishing PoR as a transparency mechanism.

Regular Updates and Verification

Bybit updates its reserve snapshots regularly, with independent verification reports published monthly. This consistent practice underscores Bybit’s commitment to maintaining transparency and trust with its user base.

About Bybit

Founded in 2018, Bybit serves a global community of over 80 million users and is renowned for its secure custody, diverse marketplaces, and advanced blockchain tools. Bybit bridges the gap between traditional finance and decentralized finance, empowering users to unlock the potential of Web3.

For more information, visit the Bybit Proof of Reserves page and stay updated through their social media channels.

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The relaunch offers access to 100 trading pairs, supported by Bybit’s robust global liquidity and operational infrastructure. This strategic move is designed to cater to the increasing appetite for digital asset platforms in the UK. Recent consumer research, commissioned by the FCA, indicates that approximately 8% of UK adults now own crypto assets, translating to around 5.5 million people. This data underscores the importance of centralized exchanges like Bybit, which remain a primary entry point for crypto ownership, with 73% of respondents acquiring assets through these platforms.

Bybit’s Commitment to FCA Crypto Compliance

Bybit’s UK operations are built on a foundation of rigorous anti-money laundering (AML) and know-your-customer (KYC) standards. The platform complies with local financial promotion requirements through a partnership with FCA-authorized firm Archax. Archax plays a crucial role in assisting overseas crypto firms in navigating UK crypto marketing compliance, acting as a regulated financial promotion approver under UK law.

“Our goal is to offer UK users reliable access to global opportunities in digital assets,” stated Bybit Senior Policy Director Mykolas Majauskas. He highlighted that the UK’s financial ecosystem and regulatory direction create an ideal environment for responsible innovation. Bybit plans to introduce more tailored products for UK users, prioritizing transparency and compliance.

Return After Two-Year Hiatus

Bybit’s return to the UK marks a significant milestone after suspending services in September 2023, following the implementation of new FCA marketing rules. These regulations, designed to enhance transparency and accuracy in crypto product marketing, posed challenges for many firms, prompting some to seek third-party compliance solutions. At the time, Bybit CEO Ben Zhou expressed difficulties in maintaining operations under these rules, leading to a temporary withdrawal from the UK market.

Despite the initial uncertainty, Bybit’s strategic focus on compliance and user needs has enabled its successful return. “Over the past year, we have developed products shaped by the needs of UK users, marking not just a return but the beginning of a new chapter,” Zhou remarked.

It’s important to note that Bybit is not authorized, regulated, or registered by the FCA. Crypto asset services offered by the platform are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service.

With this relaunch, Bybit is poised to play a significant role in the UK crypto landscape, offering reliable and compliant services that meet the demands of an evolving market.

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Highlighting the Bybit Annual Recap

The Bybit annual recap is an innovative feature that provides users with a detailed summary of their trading activities. From pivotal moments to personal trading patterns, this recap delivers performance insights that underscore the challenges and opportunities encountered in the dynamic world of cryptocurrency.

Available from now until January 15, 2026, Bybit users can reflect on their trading strategies and share their achievements on social media for a chance to win rewards. Eligible participants can sign in to access their personalized 2025 Recap, generate a unique poster, and share it online. The winners, who will be randomly selected, stand to gain up to 100 MNT credited to their accounts.

The Long Arc of Crypto Trading

2025 has been a year marked by cycles of optimism and caution within the crypto landscape. For traders, looking back on this year serves as a learning experience in discipline and resilience. Each Bybit user’s annual recap invites them to reflect on decisions made, lessons learned, and the evolution of their trading approaches in this maturing asset class.

Bybit continues to support users’ diverse trading strategies by providing a dependable infrastructure. With consistent liquidity, robust security architecture, and advanced analytical tools, Bybit empowers traders to make independent decisions as they navigate new market cycles in 2026.

Terms and conditions apply. For eligibility criteria and other requirements, users can access their 2025 Recap and discover what’s next in their trading journey.

About Bybit

Founded in 2018, Bybit has grown to serve a global community of over 70 million users. As the second-largest cryptocurrency exchange by trading volume, Bybit is committed to redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem. With a strong focus on Web3, Bybit partners with leading blockchain protocols to drive on-chain innovation.

Renowned for its secure custody, diverse marketplaces, and advanced blockchain tools, Bybit bridges the gap between traditional finance and decentralized finance, empowering users to unlock the full potential of Web3.

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Located in Dubai, UAE, Bybit is recognized as the second-largest cryptocurrency exchange by trading volume. Recently, Bybit announced the launch of its innovative liquidity farm on Bybit Alpha, designed to eliminate the usual barriers to decentralized finance (DeFi). Users can now engage in on-chain yield farming directly from their Bybit accounts, without the hassle of setting up wallets or dealing with gas fees.

Understanding Bybit Liquidity Farm

The Bybit liquidity farm utilizes the advanced Concentrated Liquidity Market Maker (CLMM) model. This allows eligible users to become liquidity providers (LPs) effortlessly, gaining access to diverse on-chain yield opportunities. The platform’s design ensures users can participate in DeFi without leaving the comfort of the CEX.

Key Features and Benefits of Bybit Liquidity Farm

• Industry-First Integration: Bybit is the pioneer CEX offering liquidity farming without external wallets or private key management.
• High Yield Potential: Users can expect annual percentage yields (APY) between 100% and 600%, dependent on pool incentives and trading activity.
• Smart Earning Mechanism: Through a Unified Trading Account (UTA), users can stake assets to provide liquidity and earn trading fees proportionate to their liquidity share.
• Unmatched Flexibility: No lock-up periods; users have full control to deposit and withdraw at any time.
• Advanced Asset Screening: Benefit from Bybit Alpha’s rigorous risk controls and access high-potential tokens early.

How Bybit Liquidity Farm Works

The innovative CLMM model allows LPs to allocate funds within targeted price ranges, optimizing earnings through trading fees distributed based on active liquidity shares. This model rewards strategic positioning, maximizing capital efficiency.

To begin with Bybit Alpha’s liquidity farm, users choose from pools supporting USDT, USDC, SOL, or bbSOL from their Bybit UTA. After selecting their desired price range and capital amount, they can convert idle assets into passive income generators.

Withdrawal is straightforward, with options to redeem positions at any time and receive returns in USDT, USDC, SOL, or bbSOL. The platform offers real-time position tracking on the Alpha Assets page, providing transparency and aiding informed decision-making.

Registration is mandatory, with terms and conditions applying. To explore more about qualification rules and eligibility, users may visit Bybit Alpha.

Bybit, established in 2018, serves a global community of over 70 million users. It bridges the gap between traditional finance and DeFi, fostering a secure and open ecosystem for all. With a focus on Web3, Bybit partners with leading blockchain protocols to drive on-chain innovation.

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Simultaneously, OKX, another crypto exchange, revealed that it too has introduced its fully regulated centralized crypto exchange in France utilizing MiCA passporting. Erald Ghoos, CEO of OKX Europe, underscored the significance of France as a key market and their foray into it as “a crucial step in our European growth.”

Bybit.eu will provide a multi-language platform supporting English, Polish, Portuguese, and Spanish, with the intention to incorporate German, French, Italian, and Romanian. The exchange asserts to aggregate liquidity from various providers and offer sophisticated trading tools suited for European retail and institutional users. On the other hand, the OKX platform includes euro trading pairs, staking products, trading bots, and localized customer support.

The dual launches coincide with the full implementation of MiCA on Dec. 30, 2024. The new regulations standardize crypto regulation across the EU and introduce a passporting mechanism, enabling licensed firms to operate in any EEA country without the requirement for additional approvals.

Notably, the EEA is witnessing heightened activity following the harmonization of its regulatory environment. This week, the Global Dollar (USDG) stablecoin was launched in the EU, with Paxos, the issuer, asserting compliance with MiCA. Earlier, on June 28, Bitvavo crypto exchange received a MiCA license from the Dutch Authority for Financial Markets, enabling it to operate across the EEA. Kraken, one of the world’s longest-standing crypto exchanges, also announced its EEA expansion on June 25 after securing a MiCA license.

Konstantins Vasilenko, co-founder and executive of Paybis, believes that Europe is leading in the global crypto race under its MiCA framework, even surpassing US President Donald Trump’s crypto-friendly America. “Our EU volumes spiked 70% in the first quarter when the MiCA licensing window opened on Jan. 1, 2025; the number of trades remained almost the same, indicating that the new money was major and more thought-out,” Vasilenko pointed out.

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Zhou emphasized the unique selling point of the new exchange: its combination of centralized exchange (CEX) and decentralized exchange (DEX) elements. “Byreal is more than just another DEX. It merges CEX-level liquidity with the transparency inherent in DeFi. This represents true hybrid finance,” Zhou stated.

“We are constructing an on-chain extension of a global exchange, fusing CEX-level liquidity with DeFi-native transparency,” the Byreal team added. They also announced that the testnet is set to launch on June 30, while the mainnet is anticipated in Q3, 2025.

With advanced routing features, Byreal promises unified liquidity and speed. It integrates RFQ (Request for Quote) and CLMM (Concentrated Liquidity Market Maker) routing. This enables users to benefit from low-slippage and MEV-protected swaps at high speeds.

Despite entering a competitive DEX market currently dominated by Uniswap, Bybit is optimistic about its new offering. DEXs have seen a notable decline in total value locked (TVL), dropping 75% from its peak of $80 billion in November 2021 to $20.3 billion.

Solana’s network, known mainly for minting and trading memecoins, hosts several decentralized exchanges. Raydium, the largest among them with a TVL of $1.7 billion, commands a 55% market share of the total locked in the Solana ecosystem.

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A May 18 post from the Bybit China Team acknowledged receiving reports about users facing withdrawal limitations on the Bybit platform due to an anomaly in KYC verification when signing in with an Apple ID. The team responded promptly, roping in several departments, including the office of the Chief Operating Officer, Helen Liu.

The operation also involved heads of customer service, risk control, the Chinese-language division, product managers, and the technical team. The exchange worked closely with the user throughout the process.

Post an in-depth internal investigation, Bybit confirmed that this was a “distinct case affecting a single user, and not a widespread issue.” The affected account’s KYC information remained untouched, and the funds were secure at all times.

Bybit’s rapid and large-scale responsive action, which included an executive member, was in response to an issue raised by a single user. Chinese-language crypto influencer EnHeng brought this issue to light. In a separate post, EnHeng shared that he came across a mention of a bug related to Bybit’s Apple ID in a group chat. Upon verifying and confirming the issue, he alerted Bybit.

EnHeng praised the swift response from the staff who assisted the user in regaining access to around $100,000 worth of funds. He said, “This incident really showed the power of influence.”

EnHeng stressed the vulnerability of retail investors in this market and the importance of using resources and influence to advocate for them.

It is not uncommon for users to be locked out of a cryptocurrency exchange account or its features. It is usually an emergency step taken to avert fund losses. A recent instance includes the Phemex crypto exchange suspending withdrawals upon being notified of almost $30 million worth of suspicious outflows. Similarly, Indian cryptocurrency exchange Mudrex temporarily halted crypto withdrawals citing compliance improvements.

The incident reiterates the popular Bitcoin adage: Not your keys, not your coins. This phrase serves as a reminder to Bitcoin and crypto users that true control over assets is only possible with control over the private keys necessary for signing transactions.

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The Bitcoin BTCUSD 1% market depth, a key liquidity indicator, rebounded to around $13 million per day in March 2025, mirroring the pre-hack figures. While altcoin liquidity on Bybit has been slightly sluggish in catching up to Bitcoin, it has still managed to recuperate to approximately 80% of its pre-hack state.

Kaiko’s researchers highlighted, “The slower recovery of altcoins can be attributed to the current risk-averse market atmosphere that has hit altcoins harder. Despite Bitcoin being considered a high-risk asset, it continues to be viewed as the crypto market’s safe haven.”

Even though Bybit’s trading volumes are still in the recovery phase, the report emphasizes that this decline mirrors the larger market trend due to the prevailing macroeconomic uncertainty shaking up risk asset markets, and it’s not solely a result of the most significant hack in crypto history.

Bybit fell victim to a cyberattack on February 21, 2025, which resulted in a whopping $1.5 billion theft. The post-hack investigation pointed to a compromised device belonging to a SafeWallet developer, the company behind the multi-signature wallet custody solution used by Bybit, as the source of the breach.

Throughout the incident, Bybit kept withdrawals open, allowing its users to access and withdraw their funds with minimal delay. Bybit’s CEO, Ben Zhou, reassured investors of the exchange’s solvency, stating that their reserves were adequate to cover the losses, irrespective of whether the stolen funds were retrieved or not. Zhou’s response rallied the crypto industry behind Bybit, with many competitors offering bridge loans, technical support, and even freezing the stolen funds on their platforms.

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The user, known as “silverfang88”, also claimed that Bybit was using key opinion leaders (KOLs) to quell student voices who had received trial contracts through the platform’s Campus Ambassador program. Ben Zhou, the CEO of Bybit, has called these allegations baseless and requested the accuser to produce evidence to substantiate his claims. Zhou added that groundless rumors are contributing to the chaotic state of the crypto space.

In a response to Cointelegraph, a spokesperson from Bybit clarified the prerequisites for listing on their platform. According to the spokesperson, projects need to fulfil three requirements: a promotion budget, a security deposit, and an evaluation process. The spokesperson explained, “Projects are anticipated to set aside promotional funds for user engagement activities, although legal restrictions prevent exchanges from directly handling tokens.”

Bybit requires a deposit ranging from $200,000 to $300,000 in stablecoins to ensure promotional objectives are met. If these targets are unmet, penalties could apply. The exchange’s listing process involves form submissions, internal voting, research, and a listing review meeting. The spokesperson emphasized that, “Assessments focus on fundamentals and risk management, including on-chain data, address authenticity, use cases, user distribution, project value, token valuation, value-capture mechanisms, and team credentials.”

In addition to the listing fee allegations, the user also accused Bybit of offering trial contracts to students under its 2024 Campus Ambassador program and using KOLs to suppress any grievances. The user linked the issue to the trading platform’s Campus Ambassador program in 2024. In response, Zhou reiterated his call for evidence, asking the user to prove any wrongdoing on Bybit’s part. At the time of writing, the exchange has not specifically addressed the allegations relating to its ambassador program.

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The primary suspects, North Korea’s Lazarus Group, have been trying to render the stolen funds untraceable. However, despite their attempts, over 88% of the stolen $1.4 billion remains traceable, according to Ben Zhou, Bybit exchange’s co-founder and CEO.

Zhou revealed in a post on March 20: “Of the total hacked funds which amount to 1.4 billion USD or around 500k ETH, 88.87% remain traceable, 7.59% have gone dark, 3.54% have been frozen.”

He further detailed that the majority of the funds were laundered through Bitcoin mixers and converted into Bitcoin across thousands of wallets.

A month after the hack, hope persists that a portion of these funds can be frozen and recovered by Bybit. The exchange has paid over $2.2 million to “bounty hunters” – ethical hackers and investigators who can provide relevant information leading to the freezing of the funds.

The Bybit incident underlines the vulnerability of even secure exchanges to sophisticated cyberattacks. “This incident is another stark reminder that even the strongest security measures can be undone by human error,” cautions Lucien Bourdon, an analyst at Trezor.

Surpassing the $600 million Poly Network hack in August 2021, the Bybit heist is now the largest crypto exchange breach to date.

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