Ben Zhou, CEO of cryptocurrency exchange Bybit, has addressed circulating rumors about the platform’s hacking and insolvency. He denied all insolvency rumors and shared evidence of Bybit’s financial holdings and crypto assets. Bybit CEO Shares Proof-of-Reserves In a May 23 X post, Zhou denied the allegations, asserting that they have…
A significant error on Arkham’s on-chain analysis platform mistakenly showed a drastic drop in Bybit’s assets, triggering anxiety. Bybit Gives Clarification Regarding the Insolvency Rumors Initially fueled by the alarming graphical representation, the rumors led to a substantial outflow of funds. Reports from DefiLlama co-founder 0xngmi indicate withdrawals exceeding $50…
On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin. Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin.…
Recent legal challenges with US authorities have resulted in a noticeable decline in user assets on KuCoin, according to the exchange’s latest proof-of-reserve certificate. According to the update, the exchange users’ Bitcoin holdings decreased 25.4% to 12,114 BTC in March, while Ethereum balances plummeted by approximately 22% to around 112,000…
The decline comes amid a wave of user withdrawals and allegations from the US government regarding alleged anti-money laundering violations. KuCoin’s Regulatory Challenges Spark User Withdrawals KuCoin’s latest PoR shows that its user-held assets reserve ratio consists of 12,115 Bitcoin (BTC), 112,763 Ethereum (ETH), 963,72 million USDT, and 39,35 million…
Bitget’s new meme coin (MOEW) has recorded double the volume of Brett (BRETT), the largest meme coin on the Base network, in the past 24 hours. 11,700 individual wallets hold MOEW hours after the release. Blockchain Association’s Kristin Smith on Binance’s Proof-of-Reserves Pledge The Meme is More Than an Internet…
Crypto exchange KuCoin has seen its market share of daily trading volume decline by half in recent weeks, according to Kaiko, a blockchain research and analytics firm. The decrease comes days after the U.S. Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC) charged the company. KuCoin Daily Trading…
Binance disclosed in its 16th proof-of-reserves (PoR) snapshot that its assets exceeded $100 billion as of March 18. The exchange views this milestone not merely as an “arbitrary number” but as evidence of continued trust in Binance and a strong indication of the crypto markets’ solid performance. Binance’s User Asset…
The cryptocurrency industry is gaining significant attention daily, with more users registering with various platforms to buy, sell, and trade digital assets. The industry is divided into two halves, the Centralized and the Decentralized parts, referred to as CEX and DEX, respectively. They represent two different ways of supporting transactions…
With market liquidity increasing and people tend to invest their money more boldly, it’s critical to focus on asset security. BeInCrypto sat down with Gate.io founder and CEO Dr. Lin Han to discuss the importance of Proof of Reserves (PoR), the industry’s need for transparency, and the exchange’s unique approach…