BYBIT 2025061709 PoR Transparency Report
Methodology: PoR Stage Framework
Assessment JSON: 2025061709-assessment.json
1. Summary
| Field | Value |
|---|---|
| Exchange | bybit |
| Snapshot | 2025061709 |
| Snapshot time | 2025-06-17T09:00:00Z |
| PoR Stage | Stage 0 — Trust the Exchange |
| Gen / Evidence | Gen 1 / E1 |
| Confidence | low |
| Effective PoR | false |
bybit snapshot 2025061709 remains Stage 0 in the ardmere public evaluation set.
Public artifacts do not support independently reproducible global solvency verification for this snapshot.
2. Stage Decision
Stage 0, not effective PoR
| Missing / Blocked Evidence | Risk Flag | Max Stage | Reason |
|---|---|---|---|
| — | UNVERIFIABLE |
Stage 0 | No public wallet_address_list. |
3. Frequency and Freshness
| Field | Value |
|---|---|
| Latest snapshot (evaluation set) | 2025-06-17T09:00:00Z |
| Previous snapshot | UNVERIFIABLE |
| Observed cadence | UNVERIFIABLE |
| History available | 1 snapshot(s) in public evaluation set |
| Event-triggered updates | UNVERIFIABLE |
| Daily root / commitment anchor | UNVERIFIABLE |
| Stage impact | Monthly or slower cadence; does not meet Stage 2 frequency expectations. |
Only one bybit snapshot is in the ardmere public evaluation set.
4. Evidence and Bundles
Public Artifacts
| Artifact | SHA-256 | Source |
|---|---|---|
summarySnapshot |
110282f57984ebd218a3ba0ee510b8e08bf6a2bb24de3cad9c0af22d528d422a |
https://www.bybit.com/x-api/por/public/v1/reserve-ratio/latest |
userMerkleProof |
d095eed7e7dde2625c7311d24dbe307e9b12a25574e29ac4e1c073f14fdc2ab8 |
file://./fixtures/bybit/mock_user_merkle_tree_path_40_v5.json |
Bundle References
| Bundle | Value |
|---|---|
| Artifact bundle root | 0x1fe7bf6ea18a09a33bb05c0f1de1504a0e5e1e02736d74ad1c76015c3bf3783e |
| Verification bundle root | 0x4e2d01591b143c0773360b375ace38350bf60f167fb307b012cb7163d4918755 |
| Artifact bundle SHA-256 | 62e189e04471a4d274747aeae68a2d3f33f9f224e4e60632aa849a373c960b99 |
| Verification bundle SHA-256 | 88e9ce99bb083de5c10921ab119a1e99c0a73520215b9fec66b40d56b193f900 |
Local bundle paths: 2025061709.artifact-bundle.json, 2025061709.verification-bundle.v2.json
5. Verifier Evidence
| Verifier | Version | Verdict | Coverage | Summary |
|---|---|---|---|---|
artifact-integrity |
1.0 |
PASS |
1.0000 |
|
solvency-claim |
1.0 |
PASS |
1.0000 |
|
user-merkle-proof |
bybit-1 |
PASS |
1.0000 |
user Merkle path valid (Gen 1.5 SHA-256); proves inclusion only for supplied account |
internal-consistency |
0 |
UNVERIFIABLE |
0.0000 |
No public wallet address CSV; cannot reconcile summary vs address aggregates |
btc-anchor |
0 |
UNVERIFIABLE |
0.0000 |
Summary does not declare a BTC block height time anchor |
onchain-balance-hot |
0 |
UNVERIFIABLE |
0.0000 |
No public HotCold wallet address list |
onchain-balance-token |
0 |
UNVERIFIABLE |
0.0000 |
No public wallet address list for ERC20/BEP20 audit |
onchain-balance-ledger |
0 |
UNVERIFIABLE |
0.0000 |
Verifier not available for this exchange snapshot |
address-ownership |
0 |
UNVERIFIABLE |
0.0000 |
No public download channel for wallet ownership signatures / proofs |
global-zk-proof |
0 |
UNVERIFIABLE |
0.0000 |
Bybit uses pure Merkle Tree (no ZK); user myProof.json proves inclusion only |
third-party-attestation |
0 |
UNVERIFIABLE |
0.0000 |
Hacken monthly PoR reports are public but not machine-readable in this pipeline |
cross-chain-wrapped |
0 |
UNVERIFIABLE |
0.0000 |
No per-row wrapped-asset metadata in public PoR artifacts (token contract, representation type e.g. WBTC/cbBTC, canonical asset, custody mode) |
6. Verifier Finding Details
This section explains FAIL, WARN, and
UNVERIFIABLE outcomes from the verification bundle.
Row-level UNVERIFIABLE entries often mean the verifier does
not yet support that (coin, network) pair, not that the exchange failed
the check. Full machine-readable output:
2025061709.verification-bundle.v2.json in the local
artifact bundle.
Capability and
artifact gaps (UNVERIFIABLE)
| Verifier | Explanation |
|---|---|
internal-consistency |
No public wallet address CSV; cannot reconcile summary vs address aggregates |
btc-anchor |
Summary does not declare a BTC block height time anchor |
onchain-balance-hot |
No public HotCold wallet address list |
onchain-balance-token |
No public wallet address list for ERC20/BEP20 audit |
onchain-balance-ledger |
Verifier not available for this exchange snapshot |
address-ownership |
No public download channel for wallet ownership signatures / proofs |
global-zk-proof |
Bybit uses pure Merkle Tree (no ZK); user myProof.json proves inclusion only |
third-party-attestation |
Hacken monthly PoR reports are public but not machine-readable in this pipeline |
cross-chain-wrapped |
No per-row wrapped-asset metadata in public PoR artifacts (token contract, representation type e.g. WBTC/cbBTC, canonical asset, custody mode) |
No additional row-level FAIL or WARN
findings beyond the summary table in §5.
7. Minimal Checklist
| Requirement | Status | Notes |
|---|---|---|
| Has public PoR been published during the last 12 months? (S0-1) | pass |
Snapshot 2025061709 is in the public evaluation set. |
| Is snapshot time explicit? (S0-2) | pass |
2025-06-17T09:00:00Z |
| Is there reserve summary or wallet_address_list? (S0-3) | pass |
Summary present; wallet_address_list absent. |
| Is wallet_address_list public and on-chain verifiable? (S1-1) | fail |
No public wallet_address_list artifact. |
| Is wallet_ownership_proof public and batch-verifiable? (S1-2) | unverifiable |
address-ownership verifier UNVERIFIABLE. |
| Is global_proof public and independently reproducible? (S1-3) | unverifiable |
global-zk-proof verifier UNVERIFIABLE. |
| Is independent third-party review available with stated scope? (S1-4) | unverifiable |
third-party-attestation verifier UNVERIFIABLE. |
| If trusted setup is required, is transcript public; otherwise is the proof system transparent setup? (S1-5) | not_applicable |
No global ZK proof in the assessed public artifact set. |
| Is root/proof/vk canonically anchored outside exchange servers? (S2-1) | not_applicable |
Stage 2 is not evaluated until Stage 1 blockers are resolved. |
| Is publication frequency sufficient for Stage 2 (weekly full PoR / daily anchor)? (S2-2) | not_applicable |
Stage 2 is not evaluated until Stage 1 blockers are resolved. |
8. Recommendations
| Priority | Recommendation | Related Risk |
|---|---|---|
P0 |
Publish missing public artifacts required for independent reproduction. | UNVERIFIABLE |
9. Boundary
This report evaluates public PoR artifacts and reproducibility. It does not evaluate the exchange’s overall financial health, corporate governance, internal controls, off-chain assets, legal compliance, or complete off-balance-sheet liabilities.
Missing data must be marked as UNVERIFIABLE, not treated
as PASS.