Yuri Molchan
Major exchange Bybit has released its reserve certificate for May 2024
Prominent crypto derivatives exchange Bybit based in Dubai has released its 10th reserve certificate, issuing it for May 2024 (the time stamp on the wallets was for 4.00 a.m. UTC on that day).
This information was shared by Chinese cryptocurrency journalist and blogger Colin Wu on his official X account.
Bybit publishes proof-of-reserves 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, pushing the Bitcoin price way down, 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. The Bitcoin reserves have seen a substantial increase by 580 BTC compared to April. The Ethereum stash held on the platform has dropped by 8.57% (the equivalent of 29,700 ETH). As for USDT, this crypto stash has increased by 13.32% – that is an additional 313 million dollar-backed stablecoins. Those are assets that Bybit holds on behalf of its users, not counting coins belonging to the exchange itself.
Among the number of other cryptos, the report reveals the sizes of the stashes of popular Ripple-affiliated altcoin XRP and the several 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 stash on the platform constitutes 342,596,582 XRP. All of these are user funds held by Bybit.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.