Cryptocurrency exchange Bybit has released an audited report indicating it has restored a 1:1 ratio of customer assets following a recent incident.
The audit, conducted by cybersecurity firm Hacken and released on 23 February 2025, reportedly verified that Bybit possesses sufficient reserves to cover all user assets across 40 different asset types, including major cryptocurrencies like Bitcoin, Ethereum, Solana, USDT, and USDC.
According to the report, Bybit managed to replenish its reserves within 72 hours of suffering a record-breaking US$1.4 billion Ethereum hack on 21 February.
The exchange is offering up to 10% of recovered funds, potentially reaching US$140 million, to cybersecurity experts and analysts who assist in retrieving the stolen assets.
The audit was said to have involved a comprehensive review of Bybit’s wallets, utilising Merkle tree verification and blockchain transaction analysis to confirm asset ownership and liabilities.
Ben Zhou, CEO of Bybit said,
“Bybit fully backs all customer assets entrusted to our platform, maintaining a dynamic ratio of over 1:1.
We are fortunate to have all-weather friends in a cut-throat industry—our peers and even competitors stood with us during challenging times, and our customers deserve the same level of commitment.”
The report details that the exchange reportedly closed an Ethereum asset gap through partnerships with firms such as Galaxy Digital, FalconX, and Wintermute, along with support from Bitget, MEXC, and DWF Labs.
Bybit has made its Proof of Reserves audit report available online.
Featured image credit: Edited from Freepik
