Bybit fires leadership after Notcoin listing incident
Bybit is currently navigating a shift in its leadership team due to a controversial situation surrounding the listing of Notcoin (NOT).
A number of top officials have chosen to step down in the aftermath of this event, leading the platform to seek new talents for its technical and spot trading teams actively.
The Notcoin Listing Complication
A complication emerged during NOT's launch, where a portion of users did not receive their token airdrops in time for the start of trading. This put them at a disadvantage compared to others who had immediate access to these free tokens. Consequently, Bybit's trading rates for NOT were significantly below those on competing platforms.
Ben Zhou, the CEO of Bybit, promptly acknowledged the problem. He issued a statement hours before trading commenced, revealing that the exchange's wallet system had been bombarded with an unexpectedly high volume of transactions.
He elaborated on the challenge, noting that Bybit's wallet had to process approximately 370,000 on-chain transactions from Notcoin, a task that took more time than anticipated to show on user accounts.
In an attempt to rectify the situation, Bybit implemented manual credits for users prior to the market opening. Zhou confessed that, despite these measures, only 70% of eligible participants received their credits timely. He extended his apologies for this oversight and vowed to introduce a rectification scheme for the 320,000 clients impacted by the irregular NOT account values on the initial day.
Compensation Plan
Ben Zhou, about two weeks ago, detailed Bybit's remediation approach for its impacted clientele, including a 30 MNT token airdrop, a $50 trading incentive, and an upgrade to VIP +1 status for three months. Depending on their VIP level, VIP members would receive up to an additional $500 bonus. The cumulative relief package, valued at roughly $26 million, was scheduled for distribution within three working days, with confirmation emails to be dispatched to the beneficiaries.
Regarding Notcoin's trading scenario, Bybit experienced considerably lesser valuation than platforms such as Binance and Bitget, where the token's inception price was substantially higher. A comparison highlighted that while Notcoin debuted at $0.0007 on Bybit, it initiated at $0.01 on Binance and Bitget, with its price surging to $0.035 on various other platforms.
Originally introduced as a Telegram Mini App, Notcoin allowed its user base to engage and mine its in-game currency within the messenger, amassing over 35 million enthusiasts. Its booming popularity drew the attention of leading cryptocurrency exchanges, setting the stage for its listings on Binance, OKX, Bybit, and more.
On May 16, Notcoin's trading commenced across exchanges in various time zones, heralded by an airdrop of more than 80 billion NOT tokens to early supporters who had mined the in-game currency and connected a TON wallet.
Notcoin (NOT) is trading at $0.01195, marking a growth of 152.6% over the week. It recently achieved a new peak price of $0.01211, with its market cap hitting the $1.2 billion milestone for the first instance.
Ben Zhou Binance Bitget ByBit OKX
