The CEO of Bybit, Ben Zhou, has addressed rumors about the platform being hacked and insolvent which circulated on X with a storm of memes spreading on it. A user speculated that a bug in a proof-of-reserves graph from Arkham Intelligence is likely causing the rumor. On May 23, Zhou officially announced that the rumors were false with no real facts supporting it. He also shared a link to ByBit’s PoR which showed the platform holding assets worth more than 100% of user deposits and a Nansen dashboard which showed that Bybit’s wallets have over $11 billion in crypto assets.

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