- The organization is now recruiting new technical and spot managers.
- A contentious listing of NOT caused an unfair allocation of airdropped tokens among users.
Bybit, a prominent cryptocurrency exchange, has announced key leadership changes in the wake of the Notcoin (NOT) launch’s problems. The organization is now recruiting new technical and spot managers in an effort to stabilize operations after the resignation of many executives.
A contentious listing of NOT caused an unfair allocation of airdropped tokens among users, prompting the internal shuffle. Because of this incidence, those whose tokens were sent later had less purchasing power when they joined the market compared to those whose tokens were delivered sooner. In a public post, Bybit’s CEO Ben Zhou acknowledged the lapse.
Proactive Measures
Following this, several high-ranking executives stepped down, owning up to their mistakes during the NOT listing. Zhou stressed that top-level management must take action to avoid these kinds of problems and establish a stronger system to deal with new token listings. The exchange’s market position and user confidence may be strengthened by filling these important responsibilities.
In the wake of community outcry, Bybit introduced a compensation mechanism at the NOT launch to help users impacted by the trading inconsistencies. An airdrop of 30 MNT, a trade bonus of $50, and a three-month promotion to VIP+1 rank were all part of the plan. A bonus of up to $500 was also available to current VIP members, depending on their membership level.
About 320,000 users will have their financial losses mitigated by this extensive compensation plan, which amounts to almost $26 million. All impacted parties were notified via email of the swift processing of their monies within three business days. The proactive measures taken by Bybit demonstrate their dedication to upholding user confidence and regulatory conformity.
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