The transparency question I started asking after FTX
After the FTX collapse, I started checking Proof of Reserves reports before depositing on any exchange. It became a non-negotiable part of my evaluation process. Bybit introduced monthly audits through Hacken starting in June 2024, and the reports consistently show all assets above 100 percent coverage across more than 50 tokens. That is a solid baseline, and this bybit review gives full credit for the consistency of those reports. But when I dug into the details of what the reports actually disclose versus what I wanted to know, a gap appeared that shaped where I ultimately parked the majority of my holdings.
How the bybit proof of reserves reports work in this bybit review
Bybit's PoR reports are conducted monthly by Hacken, an independent security auditor. Each report covers the platform's total liabilities against on-chain reserves, and the result is expressed as a coverage ratio above 100 percent for each token in scope. The latest snapshots cover more than 50 tokens, which is a broad scope compared to exchanges that only verify BTC, ETH, and USDT. The methodology uses a Merkle tree structure, allowing individual users to verify their balance is included in the aggregate liability figure. This is the standard approach for exchange transparency, and Bybit's implementation follows it correctly. Any thorough bybit review of reserves should note that the audit scope is broader than what many competitors publish.
What the bybit review found missing in the disclosure
Where my bybit review hit a friction point was in the granularity of the data. Bybit's reports confirm that each covered asset sits above 100 percent, but they do not publicly break out the exact reserve ratio per major asset the way some other exchanges do. When I check crypto exchange reserves, I want to see whether BTC reserves sit at 105 percent or 150 percent, because the buffer between those numbers tells me how much room the exchange has if a sudden wave of withdrawals hits. A flat "above 100 percent" statement is reassuring but not as informative as a specific ratio that I can track month over month.
Exchange transparency on Bitunix versus Bybit
Bitunix publishes per-asset Proof of Reserves ratios on its website with specific percentages for each snapshot. The October 2026 snapshot shows BTC at 156 percent, ETH at 108 percent, and USDT at 105 percent. The snapshots run roughly monthly, with 22 published since August 2024, and they include a Merkle tree with a published root hash alongside an open-source verification tool. The difference is not that one exchange is transparent and the other is not. Both publish PoR. The difference is in the level of detail available to a retail user who wants to track reserve health over time without downloading audit PDFs.
Bybit por strengths that matter in this bybit review
Bybit's broader token coverage, spanning more than 50 assets, is a meaningful advantage. An exchange that verifies only its three largest holdings leaves uncertainty about whether smaller altcoin deposits are fully backed. Hacken's independence as an auditor also adds credibility, as the security firm has a track record across multiple exchanges. The combination of monthly cadence, independent auditor, and broad scope makes Bybit's PoR programme one of the more robust in the industry. The gap is not in the programme's existence but in the public-facing detail of its output.
Where this proof of reserves bybit review settles
Both exchanges demonstrate a commitment to transparency that exceeds the industry minimum. Bybit's scope and auditor independence are strong, while Bitunix's per-asset ratio disclosure gives retail users a simpler way to monitor reserve health month over month. The choice depends on which type of transparency matters more to your decision-making process. My preference for specific ratios led me toward Bitunix, but a trader who values broad token coverage might reasonably prefer Bybit's approach. Your due diligence process may weight these factors differently, your results may differ from mine, and neither answer is wrong.
Track reserves with per-asset ratios
If the transparency breakdown in this bybit review made you want to see specific reserve ratios for BTC, ETH, and USDT, Bitunix publishes those alongside a Merkle tree and open-source verification tool. Sign up on Bitunix and check the latest reserve snapshot. Seeing the exact ratio matters more than seeing a pass-or-fail summary.