Bybit

Bybit

United Arab EmiratesFounded 2018bybit.com ↗

Last reviewed 2026-09-21 · Methodology v1.0

Centralized Exchange

VIF Score ⓘVIF Score — Verifelse Independent Verification score. A deterministic 0–100 measure of how independently verifiable an exchange is.

66.4B-

#6

of 10
VIF rankings

Reported Reserves

$15.9B

Publicly Verifiable

Liabilities

Externally Verified

Merkle inclusion only

Proof Age

32 days

Stale · Monthly cadence

Verification

Hacken

Merkle · Independent verifier

Transparency Snapshot

Strong public verifiability

Bybit publishes cryptographic Proof of Reserves, users can verify inclusion, independent verification (Hacken) has been identified.

Primary limitation: Users can verify inclusion, but the Merkle proof does not establish aggregate liabilities.

Reserve Coverage

111%

Reported total reserve rate

Assets ≥ in-scope balances

Exchange-published figure, not independently recomputed by Verifelse (as of 2026-08-26). Source ↗

Reserve coverage reflects only assets within the scope of the published proof, and does not by itself establish solvency.

Reserve Asset Composition

BTC33.2%$5.28B
USDT28.2%$4.48B
ETH10.2%$1.62B
USDC4.2%$0.67B
SOL3.1%$0.49B
MNT3.1%$0.49B
USD12.7%$0.43B
XRP2.5%$0.40B
Other12.9%$2.05B
Total$15.9B

Proof of Reserves

Cryptographic (Merkle / zk)✓ Active programProves liabilities

Maintains 1:1 client-asset coverage. After the Feb 21, 2025 Lazarus Group hack (~$1.4-1.5B in ETH), reserves were restored to 1:1 within 72 hours without haircutting customer balances.

MethodologyMerkle tree Proof of Reserves, independently audited
Auditor / VerifierHacken (monthly PoR audits since June 2024)
CadenceMonthly
Snapshot as of2026-08-26
Official proofbybit.com ↗

Proof & Verification Artifacts

Verification matrix

Proof type
CryptographicAttestationFinancial statementsNone
Proof of Liabilities
LPORGlobal ZKMerkle-sumMerkle-inclusionAuditor-onlyNone
Wallet disclosure
FullPartialNone
Inclusion check
FullPartialNone
Verification tool
Open-source verifierInclusion self-checkNone
Third-party assurance
Financial auditAttestationAgreed-upon proceduresNone

Options are ordered strongest to weakest; the highlighted option reflects the proof method Verifelse recognizes for Bybit. This describes the method, not a solvency guarantee.

VIF Score Breakdown

Top-10 VIF median
Asset Verification70 / 100
Top-10 median: 67.5
Liability Verification45 / 100
Top-10 median: 50
Proof Freshness75 / 100
Top-10 median: 65
Public Verifiability62 / 100
Top-10 median: 68.5
Methodology Transparency95 / 100
Top-10 median: 95
Incident Disclosure76 / 100
Top-10 median: 77.4

Third-Party Verification

External verifierHacken
Third-party assuranceAgreed-upon procedures

Related Incidents

Ethereum cold-wallet breachResolved

Feb 2025 · ~$1.46B · Security breach

View all incidents →

Expert Commentary

No expert commentary currently indexed for Bybit.

This does not imply expert consensus or endorsement.