Bybit users see lower BTC and ETH balances in latest audit

Cryptocurrency exchange Bybit released its 27th Proof of Reserves report revealing declining Bitcoin and Ethereum holdings among user ￰0￱ balances stood at approximately 64,000 BTC and are a 3.13% decrease from the previous September 22 ￰1￱ holdings fell 5% to around 542,200 ￰2￱ declines occurred while USDT balances surged 27.89% to approximately 6.389 billion ￰3￱ proof of reserves snapshot provides transparency into the exchange’s asset ￰4￱ maintains these monthly reports to show sufficient reserves backing all customer ￰5￱ holdings decline 3.13% in October The Bybit user Bitcoin balance fell from 66,048 BTC on September 22 to 63,980 BTC on October ￰6￱ drop of 2,068 BTC is notable considering the price of Bitcoin at the ￰7￱ decrease in funds held may indicate users withdrew Bitcoin

or rotated into other assets during the past ￰8￱ exchange kept its reserve ratio for Bitcoin at 103% meaning the wallet assets were 3% above user deposits.