Addressing mounting speculation surrounding Bybit's purported hacking and financial instability, CEO Ben Zhou has unequivocally rejected all insolvency rumors and provided concrete evidence of the exchange's robust financial position.

In a statement released on May 23, Zhou categorically refuted the baseless allegations, underscoring their lack of factual foundation. He urged caution against lending credence to unfounded rumors, emphasizing Bybit's unwavering commitment to transparency and integrity.

Zhou went a step further by offering transparent insights into Bybit's financial holdings through proof-of-reserves (PoR) documentation and a Nansen dashboard. The PoR data unequivocally demonstrates that Bybit holds assets exceeding 100% of user deposits, ensuring the immediate availability of all assets for withdrawal requests.

Furthermore, the Nansen dashboard reveals that Bybit's wallets contain over $11 billion in crypto assets, reaffirming the exchange's substantial financial backing. However, it's important to note that while the dashboard provides valuable insights, it may not offer a comprehensive overview of Bybit's actual assets or reserves.

The rumors of insolvency gained traction on May 22 on X, sparked by memes originating from a popular FTX-related post that mentioned Bybit. While some users engaged in lighthearted banter about withdrawing their funds, others sought clarification regarding the exchange's financial stability.

Speculation about a potential glitch in a proof-of-reserves graph from Arkham Intelligence also surfaced, suggesting that the graph erroneously indicated a depletion of Bybit's wallets. However, independent verifications confirmed that the exchange's funds remained intact, dispelling any concerns about financial mismanagement.

In addition to grappling with insolvency rumors, Bybit encountered regulatory challenges earlier in May. France's securities regulator, the Autorité des Marchés Financiers, reiterated a warning about Bybit's unregistered status as a digital asset provider in the country. Bybit responded by expressing its cooperation with the AMF and its intention to secure a license. Nevertheless, in adherence to regulatory compliance standards, the company announced its decision to exit the French market in 2023.