Bybit Announces Significant Progress in Restoring Assets and Rebuilding Trust Following Recent Security Incident
After a recent security incident, Bybit, the second-largest cryptocurrency exchange in the world by trading volume, has made great strides toward asset restoration and trust-building. To safeguard its global user base, Bybit has quickly implemented recovery plans and improved security procedures, demonstrating its dedication to openness and resilience.
Important Recuperation Milestones
AUM Recovery: Bybit has demonstrated its strong recovery strategy and ongoing client confidence by successfully returning 77% of its Assets Under Management (AUM) to pre-incident levels.
Improved Spot Liquidity: Compared to pre-event conditions, the platform now provides exceptional spot liquidity for the top 180 trading pairs, outperforming industry benchmarks.
Contract Market Resilience: The top two indices have recovered more than anticipated, surpassing competitors by over 87% and over 86% of their typical levels, respectively.
Sustained Trading Volume: Bybits stable trading activity, which has seen volumes of over $40 billion over the last two days, is evidence of the tenacity and confidence of its user base worldwide.
Enhanced Evidence of Reserves
In addition to its monthly verifications, Bybit has carried out an extra proof of reserves audit as part of its dedication to transparency. The findings verify that all customer assets have been fully collateralized:
- 102% BTC and 102% ETH
- 103% SOL
- USDE: 116%, USDT: 104%
- USDC: 229%
- These numbers demonstrate Bybits sound financial standing and dedication to guaranteeing that customer assets are always completely backed.
We have taken swift and decisive actions to reinforce our security measures and protect our users. Our top priority is to maintain the highest standards of transparency, resilience, and trust, said Ben Zhou, Co-founder and CEO of Bybit. We deeply appreciate the unwavering support from our clients and partners, which has been instrumental in our rapid recovery.
Text source: ZyCrypto
