Bybit Performs Major Restructuring After Notcoin Airdrop Scandal
The exchange is trying to rebuild its reputation after the Notcoin airdrop scandal on its platform.
The Bybit exchange took responsibility for the Notcoin airdrop scandal by conducting a large-scale replacement of the company's top managers, including heads of spot, derivatives, customer service, VIP department and others. However, Bybit's COO emphasized that replacing executives in the company is a common practice.
In May, a similar situation occurred when the listing of Notcoin led to an uneven distribution of tokens among users. As a result, 320,000 users who received their tokens later were left at a disadvantage as the price of Notcoin fell dramatically. At that time, several top managers resigned immediately and took responsibility. The latest restructuring can be linked to the May incident.
Immediately after the incident, a compensation plan was proposed with $26 million dollars. All those affected received the funds within three days.
At the moment, the Notcoin exchange rate has noticeably increased, as the project team burned 210 million coins.
