Ben Zhou, CEO of cryptocurrency exchange Bybit, responded to rumors that the platform was hacked and went bankrupt. Zhou shared evidence showing Bybit's finances and crypto assets and denied bankruptcy claims.

In a post on May 23, Bybit CEO stated that the allegations have no factual basis. He also shared a Nansen dashboard and a link to Bybit's proof of reserves (PoR), which shows Bybit's financial health and the total value of its crypto assets.

PoR shows that the trading platform holds assets of more than 100% of user deposits, which guarantees that all assets are immediately available if users wish to withdraw.

Nansen dashboard data revealed that Bybit's wallets contain over $11 billion in crypto assets. However, the analytics platform noted that this data is not a comprehensive statement about Bybit's actual assets or reserves.

Bybit also faced regulatory challenges in early May. France's securities regulator, the Autorité des Marchés Financiers, has reinforced its warning that Bybit is not registered as a digital asset provider in the country and stated that it has the authority to block the platform. Bybit stated that it worked very closely with AMF and applied for a license.