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Bybit Publishes 25th Proof of Reserves Showing Shifts in User Assets

The exchange’s August 14 snapshot revealed increased Bitcoin and Ethereum holdings, while USDT balances declined compared to the previous report.

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USDT

Summary

Bybit released its 25th Proof of Reserves based on an August 14 snapshot. The report shows user Bitcoin holdings rose 5.61% to 58,900 BTC, an increase of 3,130 BTC. Ethereum holdings climbed 6.59% to 604,000 ETH, reflecting an addition of 37,300 ETH. In contrast, USDT reserves fell 4.75% to 4.85 billion, down by 242 million USDT. The disclosure highlights fluctuations in user asset distribution across major cryptocurrencies on the platform.

Terms & Concepts
  • Proof of Reserves: A cryptographic audit method that verifies an exchange holds enough assets to cover user deposits.
  • USDT (Tether): A stablecoin pegged to the US dollar, widely used for trading and liquidity in the crypto market.
  • Snapshot: A record of exchange or wallet balances taken at a specific point in time for transparency and auditing purposes.