Prominent Dubai-based crypto derivatives exchange Bybit has published its 10th reserve certificate and issued it for May 2024 (the timestamp on the wallets was 4:00 am UTC that day).
Prominent Dubai-based crypto derivatives exchange Bybit has published its 10th reserve certificate and issued it for May 2024 (the timestamp on the wallets was 4:00 am UTC that day).
This information was shared by Chinese cryptocurrency journalist and blogger Colin Wu on his official X account.
Bybit publishes reserve test report: SHIB, XRP, DOGE, etc.
This reserve certificate was published as part of the “proof of reserves” initiative implemented by centralized crypto exchanges after the FTX platform crashed in November 2021, driving down the price of Bitcoin, along with the rest of the cryptocurrency market.
According to this report, Bybit currently holds 45,000 BTC; 317,434 ETH and 2,669,466,361 USDT. Bitcoin reserves have seen a substantial increase of 580 BTC compared to April. The Ethereum stash held on the platform has fallen by 8.57% (the equivalent of 29,700 ETH). As for USDT, this cryptocurrency stash is up 13.32%, or an additional 313 million dollar-backed stablecoins. Those are assets that Bybit holds on behalf of its users, not counting the coins that belong to the exchange itself.
Among the number of other cryptocurrencies, the report reveals the reserve sizes of the popular Ripple-affiliated altcoin XRP and the largest meme cryptocurrencies: Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB).
As of May 4, Bybit wallets contained a total of 961,148,036 DOGE; 2,674,060,230,829 SHIB and 14,410,570,778,802 PEPE. As for XRP, its reserve on the platform constitutes 342,596,582 XRP. These are all user funds held by Bybit.
