- Bybit’s largest asset wallet holdings total $1.9 billion, according to details from blockchain analytics firm Nansen.
Bybit has become the latest crypto exchange to publish information about its assets reserves, as calls for more transparency in the industry increase following FTX’s collapse.
On 16 November, Bybit it was revealing the user asset wallets, with portfolio data shared by blockchain analytics platform Nansen showing total assets were around $1.9 billion.
According to the Nansen dashboard, Bybit’s largest reserve wallets are in , Tether (USDT), Ethereum (ETH), and USD Coin (USDC).
As well as releasing the wallet addresses of its largest users, Bybit founder and CEO Ben Zhou said the exchange was working on proof of reserves solutions.
We are also exploring new custody solutions to allow users to view their own balance on chain or 3rd party custody. Bybit guarantees 1:1 reserves for all users and we made sure during this special period all users withdrawals are processed in a timely manner,” Zhou tweeted.
CoinJournalhighlighted a few days ago, Zhou believes the whole crypto industry has an obligation to “do right” by customers.
Bybit’s announcement of their wallet reserves sees it join other exchanges in providing some measure of transparency at a time the industry is reeling from the FTX implosion. A spreadsheet compilation by crypto journalist Colin Wu shows Bybit has joined crypto exchanges such as Binance, OKX, KuCoin, Bitfinex and Huobi in this initiative.
Huobi and Bybit announced their cold wallet reserves. At present, among the major exchanges, only @gate_io@MEXC_Global@bitgetglobal have not announced their cold wallet addresses and 100% user reserves. https://t.co/6zrQbEe5wGhttps://t.co/eOJg9f3ssEpic.twitter.com/MmOs73HwGG
— Wu Blockchain (@WuBlockchain) November 16, 2022
