Ben Zhou, CEO of the cryptocurrency exchange Bybit, has addressed circulating rumors regarding the platform's alleged hacking and insolvency.

He firmly refuted all insolvency rumors and provided evidence of Bybit's financial stability and crypto assets.

In a post on May 23, Zhou dismissed the allegations, emphasizing their lack of factual basis. He urged caution against believing unfounded rumors.

Zhou also shared links to Bybit's proof-of-reserves (PoR) and a Nansen dashboard. These resources offer transparent insights into Bybit's financial holdings and the total value of its crypto assets.

The PoR demonstrates that the trading platform holds assets exceeding 100% of user deposits, ensuring immediate availability of all assets for withdrawal requests.

According to the Nansen dashboard data, Bybit's wallets contain over $11 billion in crypto assets. However, Nansen clarified that this data does not provide a comprehensive overview of Bybit's actual assets or reserves.

Regarding the insolvency rumors, speculation arose on May 22 on X, sparked by memes from a popular FTX-related post mentioning Bybit instead. While some users joked about withdrawing their funds, others sought clarification.

A cryptocurrency user suggested that a glitch in a proof-of-reserves graph from Arkham Intelligence may have fueled the rumor. Although the graph appeared to show Bybit's wallets being drained, independent verifications confirmed that the funds remained intact.

In addition to insolvency rumors, Bybit encountered regulatory hurdles earlier in May. On May 16, 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 stating its cooperation with the AMF and its intention to acquire a license. However, in line with regulatory compliance, the company decided to exit the local market in 2023.