Latest news with #ProofofReserves
Cision Canada
13-05-2025
- Business
- Cision Canada
Independent Audit from Hacken Confirms MEXC's Strong Security Standards
VICTORIA, Seychelles, May 13, 2025 /CNW/ -- As part of a systematic approach to ensuring the security, transparency and sustainability of its platform, MEXC, a leading global cryptocurrency exchange, regularly undergoes both technical and financial audits. One of the latest steps in this direction included the successful completion of a security audit by Hacken, a leading Web3 cybersecurity firm. The audit found no critical or high-risk vulnerabilities in the MEXC mobile application and confirmed that previously identified minor issues were fully addressed. Key Takeaways: No critical or high-risk vulnerabilities were identified. All minor issues flagged during the audit were promptly resolved. The platform demonstrates adherence to robust security protocols and architecture. The audit conducted under the comprehensive Hacken's pentest methodology framework assessed all possible vulnerabilities of the MEXC app to attacks from malicious actors and exploitation. Hacken confirmed that MEXC's existing security measures provide comprehensive protection against known threat vectors. The audit also reviewed the platform's operational architecture, emphasizing a balance between usability and security. Specifically, Hacken highlighted the MEXC app's user-centric design and simplified navigation, which significantly improve the trading experience for both beginners and experienced traders. Special attention was given to the app's infrastructure around trading execution, data handling, and fund transfer mechanisms. MEXC has already addressed and resolved all low-risk vulnerabilities and risks that were flagged by the audit to strengthen the app's resilience and improve the overall user security and trading experience. The prompt resolution highlights the exchange's transparency towards its users and commitment to protecting its ecosystem from emerging threats. Commenting on the audit, MEXC COO Tracy Jin stated: "External, independent verification is an essential part of maintaining user trust and ensuring accountability. We thank Hacken for their work and continue to prioritize transparency and security, as we scale our services globally." Security and transparency remain key priorities for MEXC. In addition to successful technical audits, the exchange regularly confirms its financial stability through regular independently verified Proof of Reserves reports. This data is available to users and partners and meets industry standards for openness and control over user assets. The full security audit report by Hacken is available at LINK. About MEXC Founded in 2018, MEXC is committed to being "Your Easiest Way to Crypto". Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding. About Hacken Hacken is a trusted blockchain security auditor on a mission to make Web3 a safer place. With a team of 60+ certified engineers, it provides solutions covering all aspects of blockchain security, such as smart contract & protocol audits, bug bounties, and security assessments. Hacken has been raising the bar for blockchain security, working with more than 1,500 Web3 projects since its inception in 2017.
Hans India
08-05-2025
- Business
- Hans India
CoinSwitch releases Proof of Reserves report
Hyderabad: CoinSwitch, a crypto platform with over 2 crore users, has released its fifth Proof of Reserves (PoR) report, reaffirming its commitment to transparency, trust, and investor protection. The report confirms that CoinSwitch holds more crypto and INR assets than the total amount held by its customers. As of March 31, the company's total reserves stood at Rs2,764.20 crore, compared to customer holdings of Rs2,138.64 crore creating a surplus of Rs625.56 crore. This surplus reflects the company's prudent asset and liquidity management, providing reassurance to its growing investor base not only in large metros but also in smaller towns across the country. According to the comapny's recent How India Invests 2024 report, Hyderabad ranks among the top Tier-2 cities leading crypto adoption in India.
United News of India
07-05-2025
- Business
- United News of India
CoinSwitch holds higher crypto assets than its users
Mumbai, May 7 (UNI) Continuing its commitment to transparency and trust-building, CoinSwitch, India's largest crypto platform with over two crore users, claimed on Wednesday that the company's total holdings in crypto and INR (Indian Rupees) exceed total assets held by its customers. While publishing the fifth edition of its Proof of Reserves (POR), achieved through an independent audit and on-chain validation, as of March 31, 2025, CoinSwitch's total reserves, including crypto and INR balance, stood at Rs 2,764.20 crore, while customer holding totaled Rs 2,138.64 crore, representing a surplus of Rs 625.56 crore, reflecting prudent asset management and robust liquidity. According to the latest proof of reserves, CoinSwitch maintains a holdings ratio of 1:1 or more (a ratio of 1:1 or higher means the platform holds as much or more than users' crypto and INR balances, allowing users to redeem or withdraw them at any time). The assets held by PeepalCo, CoinSwitch's parent brand PeepalCo, are in addition to these funds and are not included in this POR assessment, said a release issued here on Wednesday. UNI AAA SS
Globe and Mail
24-02-2025
- Business
- Globe and Mail
Fully Backed Within 72 hours: Bybit Maintains 1:1 Customer Assets Ratio in Latest Proof of Reserves Audited Report by Hacken
DUBAI , UAE , Feb. 24, 2025 /CNW/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, has completed a fresh round of audit on Feb. 23, 2025 conducted by leading cybersecurity firm Hacken. The independent third-party report is published after Bybit restored reserves levels to a 1:1 ratio for in-scope digital assets within 72 hours following a major incident on Friday, Feb. 21 . A full audit of all relevant wallets containing 40 asset types, by way of proof of liabilities and ownership, verified that Bybit possesses sufficient reserves to cover user assets 1:1 across the board. Key assets including BTC, ETH , SOL, USDT and USDC exceed 100% collateral ratios on Bybit. Held to high standards of transparency and prudence, Bybit reaffirms its commitment to fiscal vigilance and customer protection under all circumstances. "Bybit fully backs all customer assets entrusted to our platform, maintaining a dynamic ratio of over 1:1," said Ben Zhou , Co-founder and CEO of Bybit . "We are fortunate to have all-weather friends in a cut-throat industry—our peers and even competitors stood with us during challenging times, and our customers deserve the same level of commitment," he added. Key Highlights of Bybit's 19th PoR Audit: Comprehensive Audit Process: Hacken conducted an extensive audit of Bybit's liabilities, utilizing the Merkle tree to verify the integrity of the assets reported. User Address Verification: Hacken obtained information from Bybit management regarding all public key addresses holding in-scope assets and verified expected blockchain transactions to confirm control and ownership. Rigorous Validation Procedures: The validation process included a thorough review using the official Merkle proof validation methods, ensuring the accuracy of the reported liabilities. "Bybit's focus on transparency through regular Proof of Reserves audits and independent assessments sets a strong standard within the industry. We appreciate being part of this important initiative during this critical period," said Yevheniia Broshevan, Co-Founder & CBDO at Hacken. As of Feb. 24 , Bybit fully closed the ETH gap of client assets within 72 hours. This was achieved through strategic partnerships with firms like Galaxy Digital, FalconX, and Wintermute, along with support from Bitget, MEXC and DWF Labs, who helped Bybit replenish the reserves in record time. The rapid execution of these funding strategies underscores Bybit's robust industry relationships and its capability to maintain platform stability during challenging times, reflecting the industry's shared vision of a new era of reliable financial system. By prioritizing independent verification and comprehensive audits, Bybit reinforces its commitment to user trust and transparency. The exchange regularly reviews best practices, emergency responses, and security infrastructure to meet the rising challenges and demands in the digital asset industry. Bybit's Proof of Reserves: #Bybit / #TheCryptoArk / #ProofofReserves / #PoR About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi , empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at
Globe and Mail
19-02-2025
- Business
- Globe and Mail
Bitget Launches Exclusive Campaign for FTX Creditors with up to $2,500 in Incentives
VICTORIA, Seychelles, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has announced an exclusive promotion for FTX creditors effective from February 17th to March 4th. Following the recent events surrounding FTX, Bitget recognizes the challenges faced by creditors and is committed to supporting the community. This special promotion is designed to offer attractive incentives, boost market sentiment, and reignite trust in the crypto space. To join the campaign, users must first sign up for a Bitget account using the same email address as the one used on FTX. This step is crucial in order to confirm their identity as an FTX creditor. Once the identity verification is completed, users may submit their FTX creditor information and deposit funds to their Bitget account to receive up to $2,500. The net deposit amount is calculated based on all deposits and withdrawals made during the promotion. As long as users submit creditor information before the promotion ends, all net deposits made before approval will still be counted. About 80% of the incentives will be distributed as USDT futures trading bonuses, while the remaining 20% will be distributed in BGB. Bitget prioritizes a secure trading environment, operating with competence, transparency, and a commitment to continuous compliance with evolving global cryptocurrency regulations. Strong from its strategic initiatives and constant innovation, the platform now counts over 100 million users and has a daily trading volume exceeding $20 billion. Recently, Forbes listed Bitget as one of the top most trusted crypto exchanges worldwide. In 2024, Bitget expanded its user base by 400%, from 20M in January to 100M in December. Spot trading surged from $160B in Q1 to $600B in Q4; daily volumes doubled to $20B. The high-paced updates and top performance amongst CEXs has pushed Bitget amongst the top #3 exchanges in derivates trading while strengthening its positioning amongst the top #5 on Spot. The firm provides over 100% asset protection, backed by transparent Proof of Reserves and the industry's second largest insurance fund of $600 million. Bitget has a strong foothold globally, which it plans to strengthen by providing world-class products and a trustworthy ecosystem. More information about the event can be found here. About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For media inquiries, please contact: media@ Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice.
