The recent hack on Bybit exchange drained its cold wallet with a staggering amount of $1.5 billion, leaving the crypto market with another jittery shockwave.
The incident underscores the persistent security weaknesses in the crypto realm, emphasizing the necessity for enhanced protective measures. We would like to share that we do not have any exposure to the hack and we continue to follow the best security standards to ensure the safety of your assets.
In this article, we will highlight the measures we take to secure the integrity of our users’ data and how we work with world class partners that enable us to make Bitunix the safest exchange to trade crypto.
How Does Bitunix Secure Users Crypto Assets?
We have forged alliances with leading security firms to bolster our security framework. To ensure the safety of our users’ assets, we have partnered with two of the most secure crypto custodians in the industry: Cobo and Fireblocks.
This essentially means that our efforts to secure our users’ assets are not extremely centralized. Besides onboarding the best crypto custodian service providers, we also conduct security audits by two prominent and effective crypto auditors Hacken and Salus.
Besides conducting timely audits and partnering with the best custodian service providers, we at Bitunix have also struck a partnership with Nemean Services, a UK-based security firm. This partnership secures Bitunix with a $5 million insurance for user funds against unforeseen risks.
How Does Bitunix Maintain Transparency with Proof of Reserves Live Report?
Before we dive into how POR (Proof of Reserves) works on Bitunix, let’s understand what it means. Proof of Reserves (PoR) is a public financial statement that demonstrates an exchange’s capacity to back user balances with actual assets.
It’s crucial because it allows users to verify that exchanges, like Bitunix, have sufficient funds to cover withdrawals. This transparency has become essential to avoid insolvency issues some exchanges faced in the past.
Bitunix employs a blockchain-based PoR system, using a cryptographic method called a Merkle tree. This structure securely combines and summarizes all user balances, enabling independent verification without revealing personal data.
Users can easily check their holdings on Bitunix by accessing the Proof of Reserves page, viewing their personal audit, and verifying their assets using the Merkle Leaf. This process ensures trust and transparency, guaranteeing that user deposits are safe and accessible.
How Bitunix Proof of Reserves Works?
At Bitunix, the PoR system operates on a straightforward principle: if you deposit 1 BTC, only that exact amount will appear on the ledger. This applies to all supported cryptocurrencies. Furthermore, we maintain reserves exceeding user deposits, ensuring additional liquidity at all times. While some may question the reliability of PoR data, Bitunix eliminates any doubts by implementing blockchain-based verification.
This means all reserve data is publicly available on the blockchain, making it tamper-proof and fully auditable. To further enhance transparency, we utilize a Merkle Tree, a cryptographic structure that securely organizes and verifies user balances.
Following is a quick guide to verify your assets on Bitunix
Navigate to POR: To conduct a live POR audit of your crypto assets, navigate to the menu at the bottom of Bitunix’s website and click on Proof of Reserves.
My Audit: Once you click on Proof of Reserves, the link will direct you to the main page of POR. To get your assets verified, simply click on My Audit.
Check Audit Report: You will see your recent audit results, including a unique cryptographic code called the Merkle Leaf.
Verify Your Holdings: To verify, simply copy the merkle leaf and return to the Reserves dashboard and past the leaf data in the verifier.
The system will confirm whether your assets are included in the total reserves, providing cryptographic proof that your funds are fully backed. (see image below)
Additional Reading: What is Crypto Proof of Reserves and How to Use POR on Bitunix?
How Does Bitunix Offer Unmatched User Experience?
We know that crypto is a fast paced industry and every minute, every second counts. Which is why we have built state of the art customer support systems to help solve any queries that our customers may have.
Our customer support team offers superfast responses in multiple languages making sure no one is left behind. We truly pride ourselves with the strong support teams we have built over the years. No bots, real people handling your queries at the fastest pace but in the most secure and professional ways possible.
Wrapping Up
In conclusion, while the cryptocurrency market faces challenges, Bitunix remains steadfast in its commitment to security and transparency. We encourage our users to utilize our PoR tools and experience firsthand the robust measures we’ve implemented to protect their investments.
Together, we strive to maintain a safe and trustworthy trading environment, setting a new standard for excellence in the crypto exchange world.
