The crypto world can be a wild ride, and rumors can spread faster than Bitcoin transactions. That's what happened recently with Bybit, a major crypto exchange. Whispers of hacks and insolvency sent shivers down investors' spines. But fear not, Bybit CEO Ben Zhou himself stepped in to calm the storm.

On Twitter, Zhou shut down the speculation with a firm "not true." He pointed to Bybit's recently updated Proof of Reserves (think of it as a financial audit) and highlighted the platform's robust security. Data from Nansen, a crypto analytics firm, backs this up, showing Bybit holds over $11 billion in assets.

This reassurance comes at a time when crypto exchanges are under a microscope. High-profile security breaches and companies facing financial woes have shaken investor confidence.

France Throws a Wrench in Bybit's Expansion Plans:

However, Bybit hasn't exactly been a model student. While it boasts a global presence and millions of users, France wasn't impressed. The country's financial regulator banned Bybit in May 2022 for operating without proper licensing. Similar warnings came from Hong Kong, where Bybit was labeled "suspicious."

Bybit Makes a Dutch Move:

Despite the international hiccups, Bybit is trying to play by the rules somewhere. They recently launched Bybit.nl, a regulated platform specifically for Dutch users, partnering with a reputable Dutch company to ensure compliance.

So, what's the takeaway? Bybit may have ruffled some feathers, but they're working towards building trust. As for the rumors? Don't believe everything you read online. When in doubt, head straight to the source for the real story.