Blockchain Press Releases
Bybit Launches bbSOL, the World’s First Exchange-Backed Liquidity Staking Token on Solana
DUBAI, UAE, Sept. 5, 2024 /PRNewswire/ — Bybit, the world’s second-largest crypto exchange by trading volume, proudly announces the launch of bbSOL, its first exchange-based Liquid Staking Token (LST), in collaboration with Sanctum, Kamino Finance, Orca and Solayer, on the Solana (SOL) blockchain. This innovative initiative is set to transform the Solana ecosystem, offering significant advantages to all its participants.
bbSOL bridges Bybit’s centralized exchange (CEX) and Web3 platforms, providing users with consistent and reliable rewards. By staking Solana on Bybit Web3, users receive bbSOL tokens, unlocking many earning opportunities across Bybit’s CEX and Web3 products.
“We are excited to introduce bbSOL, a groundbreaking liquid staking token designed to deliver substantial benefits across the Solana ecosystem,” said Ben Zhou, Co-founder and CEO of Bybit. “By facilitating seamless asset management and unlocking new earning potential, bbSOL empowers token holders, project developers, decentralized exchange operators, and liquidity providers to contribute to the growth of the Solana network while maximizing their returns.”
As part of this initiative, Bybit is planning to collaborate with four key partners to maximize the potential of bbSOL:
- Sanctum‘s deep liquidity enables seamless swaps and withdrawals of SOL, enhancing the utility of staked assets.
- Orca supports bbSOL swaps and allows users to become liquidity providers, contributing to the stability of the ecosystem.
- Kamino Finance automates the liquidity provision process through its Liquidity Vault product, streamlining participation in concentrated liquidity decentralized exchanges.
- Solayer supports bbSOL as a liquid staking token eligible for restaking, enhancing Solana’s security through its restaking network.
“Bybit’s launch of bbSOL marks a significant milestone,” said Lily Liu, President of the Solana Foundation. “Their collaboration with other key players exemplifies Bybit’s commitment to innovation and supports the ongoing development of the Solana ecosystem.”
“It’s awesome that Bybit is launching bbSOL together with Sanctum. This will allow millions of new users to earn real yields on Solana more easily and tap into the entire DeFi ecosystem. This is a historic partnership between centralized and decentralized entities – a big step for the entire ecosystem,” said FP Lee, Sanctum Co-Founder.
“It’s great to see a leading industry figure like Bybit actively participating in Solana DeFi. It’s rare for an exchange to go beyond listing ecosystem assets and directly engage with DeFi on chain,” said Nathan Davis, Orca CEO.
“The launch of bbSOL is the perfect chance to bring together the power of Bybit’s user base with the opportunities provided by Solana DeFi. We’re excited to onboard bbSOL to Kamino and support its utility & growth in the ecosystem,” said Thomas, Kamino Finance Project Co-Lead.
“Solayer is incredibly excited to launch bbSOL with Bybit, and as the first restaking protocol to integrate a centralized exchange LST on Solana, we aim to foster a deepened relationship to bring the Solana ecosystem forward in the most integrated way,” said Jason Li, Solayer Co- Founder.
Key Benefits and Rewards of bbSOL
bbSOL offers a multitude of benefits and rewards to its participants.
- Token Holders: Enjoy passive income, participate in network governance, and access a wider range of financial opportunities.
- Project Developers: Attract and retain a loyal user base, enhance liquidity for your token, and benefit from increased market visibility.
- Decentralized Exchange Operators: Boost trading volume, improve liquidity, and attract more users to your platform.
- Liquidity Providers: Earn competitive yields, contribute to the ecosystem’s stability, and support the growth of the Solana network.
Additionally, participants can earn staking rewards by securing the network, liquidity rewards by providing liquidity to bbSOL trading pairs, and even MEV (Miner Extractable Value) rewards by capitalizing on market inefficiencies.
As the world’s first crypto exchange to announce the listing of Sanctum’s $CLOUD token, which has increased by 15%, Bybit continues bringing new and innovative results to the industry. The launch of bbSOL underscores its continuous commitment to innovation in the cryptocurrency space and its support for the growth of the broader ecosystem.
For more information, please visit: Bybit Web3 – bbSOL
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 10 million wallet users, over 20 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as a top 3 global crypto exchange, trusted by 40 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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Blockchain Press Releases
ALL INDIVIDUALS WHO PURCHASED OR ACQUIRED IMPACT THEORY FOUNDER’S KEYS BETWEEN OCTOBER 13, 2021, AND DECEMBER 6, 2021
COSTA MESA, Calif., Feb. 24, 2025 /PRNewswire/ — The following statement is being issued by Simpluris, Inc., Fund Administrator for the United States Securities and Exchange Commission, regarding the Impact Theory Fair Fund and Plan of Distribution.
NOTICE OF FAIR FUND DISTRIBUTION PLAN
In the Matter of Impact Theory, Inc.
Administrative Proceeding File No. 3-21585
For more information, visit www.ImpactTheoryFairFund.com
The United States Securities and Exchange Commission (“SEC”) has settled administrative proceedings (the “Order”) against Impact Theory (the “Respondent”). In the Order, the SEC found that from October 13, 2021, to December 6, 2021, Impact Theory violated Sections 5(a) and 5(c) of the Securities Act by offering and selling crypto asset securities known as Founder’s Keys without having a registered statement filed or in effect with the SEC or qualifying for an exemption from registration.
The SEC ordered the Respondent to pay $5,120,718.27 in disgorgement, $483,195.90 in prejudgment interest, and a $500,000.00 civil money penalty, for a total of $6,103,914.17, to the SEC. The SEC also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty collected, along with the disgorgement and interest collected, could be distributed to harmed investors (the “Fair Fund”).
The Fair Fund will be paid out according to the Plan of Distribution (“Plan”).
A summary of the eligibility criteria and claims process is below. Full details are available at www.ImpactTheoryFairFund.com. You may also request a copy of the Plan from the Fund Administrator via email at [email protected] or by calling 833-285-3401.
Who is eligible to receive a payment from the Fair Fund? To receive a payment, you must have:
- purchased or acquired Founder’s Keys between October 13, 2021, and December 6, 2021;
- submitted a timely Claim Form;
- suffered a Recognized Loss as calculated under the Plan; and
- not been an Excluded Party under the Plan.
How do I submit a Claim? The easiest way to submit a claim is online at the Impact Theory Fair Fund website: www.ImpactTheoryFairFund.com. Claim Forms completed online must be submitted on or before 11:59 p.m. Eastern Standard Time on August 15, 2025.
If you are unable to submit a Claim Form online and/or you have lost relevant credentials associated with wallets and/or exchanges required as part of an online claim, you may request a copy of the paper Claim Form from the Fund Administrator via email at [email protected] or by calling 833-285-3401. You may also download a copy of the Claim Form to print at: www.ImpactTheoryFairFund.com. Claim Forms submitted via mail must be sent to the address provided on the Claim Form and postmarked (or if not sent by U.S. Mail, then received) by August 15, 2025.
The Fund Administrator will send a Determination Notice advising each claimant who timely submitted a Claim Form of their eligibility determination and will provide a calculation of Recognized Loss to those determined to be Eligible Claimants. The Fund Administrator may consider disputes of an Eligible Claimant’s Recognized Loss calculation if timely submitted in accordance with the Plan.
This notice is a summary. For more information, visit
www.ImpactTheoryFairFund.com
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Blockchain Press Releases
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 /PRNewswire/ — 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: https://www.bybit.com/app/user/audit-report
#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 Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/fully-backed-within-72-hours-bybit-maintains-11-customer-assets-ratio-in-latest-proof-of-reserves-audited-report-by-hacken-302383417.html
Blockchain Press Releases
Bybit Invests $1M in EthicHub Through Blockchain for Good Alliance to Drive Agricultural Finance for Global Farming Communities
DUBAI, UAE, Feb. 24, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces a $1 million impact investment in EthicHub, facilitated through the Blockchain for Good Alliance (BGA).
Since pioneering the Blockchain for Good Alliance in April 2024, Bybit has championed the use of blockchain innovations to solve real-world challenges. EthicHub, a key project supported by the BGA Incubation Programme and the Grand Social Impact Award winner at the BGA Web3 Oscar, exemplifies this vision by leveraging blockchain to drive financial inclusion and empower smallholder farmers. This investment aligns with Bybit’s commitment to leveraging blockchain technology for tangible social impact, driving financial inclusion for smallholder coffee farmers in emerging markets.
Empowering Sustainable Coffee Farming Through Ethical Finance
EthicHub is revolutionizing agricultural finance by integrating productive lending, blended finance, and market access. With this $1 million investment, Bybit will establish the “Bybit Pool”, a dedicated fund within the EthicHub ecosystem designed to provide ethical credit lines to small and medium-sized coffee farmers.
This initiative will empower farmers to break free from exploitative lending practices, improve productivity, and secure fair prices for their coffee. Additionally, it aligns with Bybit’s broader mission of bridging the gap between blockchain solutions and real-world economic transformation.
Key Highlights of the Investment Agreement:
- Exclusive Fund: Bybit’s investment will be managed exclusively within the EthicHub ecosystem, ensuring transparency and accountability.
- Sustainable Social Impact: The fund provides direct financial access to coffee farmers, fostering economic resilience in rural communities.
- Fair Financial Returns: Bybit will receive an 8% annual return over a 15-month term, demonstrating the viability of impact investing.
- Transparency & Reporting: LendingDev, EthicHub’s operator, will provide quarterly performance updates and comprehensive end-of-term reporting.
A New Era of Blockchain-Powered Social Good
Bybit’s investment exemplifies how blockchain-powered finance can drive sustainable change. Through BGA’s role in fostering strategic collaborations, this initiative paves the way for blockchain adoption in real-world economic empowerment.
“Blockchain has the power to unlock new financial opportunities for those historically excluded from traditional banking systems. Our $1 million investment in EthicHub reinforces Bybit’s dedication to using innovation for real-world impact, proving that blockchain can be both profitable and transformative,” said Helen Liu, Chief Operating Officer at Bybit.
Gabriela Chang, CSO & Co-founder of EthicHub added: “Bybit’s commitment is a game-changer for our mission. This investment will directly support smallholder coffee farmers, enabling them to increase productivity, access fair financing, and secure better market opportunities. It is an example of how blockchain can create real-world solutions for pressing global challenges.”
Case Study: EthicHub’s Impact – How Neri Ortiz Transformed His Future
For generations, smallholder coffee farmers like Neri Ortiz in Motozintla, Mexico, faced relentless challenges: unstable coffee prices, predatory lenders, and limited market access. With no financial safety net, many were forced to abandon farming altogether.
The introduction of EthicHub changed everything. By offering fair, blockchain-powered financing, EthicHub provided Neri and his cooperative with the resources to improve production, invest in sustainable farming techniques, and eliminate exploitative middlemen. For the first time, they could sell directly to specialty coffee buyers at fair market prices.
This access to ethical lending transformed not just Neri’s farm but his entire outlook. He began experimenting with quality-enhancing techniques like controlled fermentation, which boosted the value of his coffee. With newfound financial stability, he reinvested in his farm, secured better futures for his family, and began mentoring other farmers to do the same.
Bybit’s investment in EthicHub ensures that more farmers like Neri can break free from financial hardship, build resilient livelihoods, and sustain the agricultural traditions that feed global coffee markets. This is the power of blockchain-driven impact investing—real solutions for real people, transforming entire communities.
Join the Movement
Bybit invites fellow blockchain innovators and socially responsible investors to explore the possibilities of blockchain-powered impact investments. By working together, the industry can drive sustainable economic solutions that benefit both investors and underserved communities.
For more details on EthicHub’s initiatives, visit EthicHub Website.
#Bybit / #TheCryptoArk /#BGA
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 Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-invests-1m-in-ethichub-through-blockchain-for-good-alliance-to-drive-agricultural-finance-for-global-farming-communities-302382989.html
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