Bybit Overhauls Leadership After Troubled Notcoin Launch

Following a problematic launch of Notcoin (NOT), Bybit, a major cryptocurrency exchange, has announced significant changes in its leadership team. Several executives have resigned, and the company is now actively seeking new technical and spot managers to stabilize operations.

Bybit Seeks New Leaders After Token Mishap

The internal reshuffling comes after a controversial listing of NOT led to an uneven distribution of airdropped tokens among users. This incident created a trading disadvantage for those who received their tokens late, as they entered the market with lower buying power than others who had received tokens earlier. Bybit’s CEO, Ben Zhou, admitted the oversight in a public post. He stated,

“Bybit team is working very hard to solve the Notcoin airdrop balance reflection issue,” acknowledging the excessive transaction volume that overwhelmed Bybit’s wallet systems.

In the aftermath, several senior executives resigned, taking responsibility for the missteps during the NOT listing. Zhou emphasized the need for leadership to prevent such issues and ensure a more robust mechanism for handling new token listings. The exchange seeks to fill these critical roles to reinforce its market position and user trust.

Compensation Plan Eases Token Launch Discrepancies

In response to the backlash from the community, Bybit unveiled a compensation plan aimed at users affected by the trading discrepancies during the NOT debut. The plan included a 30 MNT airdrop, a $50 trading bonus, and a three-month upgrade to VIP +1 status. Additionally, existing VIP users were eligible for a bonus of up to $500 based on their membership level. This comprehensive compensation package, totaling about $26 million, was designed to rectify the financial impact on approximately 320,000 users. The funds were processed promptly within three working days, with confirmation emails dispatched to all affected parties.

Bybit’s proactive steps reflect its commitment to maintaining user trust and regulatory compliance. The firm’s quick financial response and transparent communication aimed to mitigate the negative fallout and stabilize the token’s market performance post-launch.

Compared to other exchanges, the initial pricing disparity of NOT on Bybit raised questions about market stability and exchange reliability. While Bybit is listed NOT at $0.0007, competitors like Binance and Bitget have higher opening prices at $0.01 and $0.035, respectively. This discrepancy highlighted the challenges faced by Bybit in the wake of the airdrop issue.

Since then, the Notcoin price has significantly recovered, with current trading figures stabilizing above $0.01176 and gradually returning to normalcy. Analysts have identified support at $0.01138 and resistance at $0.01319, indicating a consolidation phase for NOT as it gains traction among investors.

Also Read: Coinbase Files Closing Brief In Lawsuit Over SEC Rulemaking Denial

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.