Bybit, a prominent crypto exchange, underwent significant leadership changes following issues with the Notcoin (NOT) launch.
Bybit, a major cryptocurrency exchange, has announced significant changes to its leadership team due to the difficulties encountered after the introduction of Notcoin (NOT).
Following the resignation of a number of executives, the company is currently in the process of actively searching for new technical and spot managers in order to stabilize operations.
Bybit Seeks New Leaders After Token Mishap
Following a contentious listing of NOT, which resulted in an uneven distribution of airdropped tokens among users, an internal reorganization has taken place.
As a result of this incident, those individuals who received their tokens late were at a disadvantage when it came to trading because they entered the market with less purchasing power than those individuals who had received their tokens earlier.
In a publicly shared post, Ben Zhou, the CEO of Bybit, acknowledged the lapse. He claimed that, due to the situation, a number of senior executives offered their resignations, accepting responsibility for the errors that occurred during the NOT listing.
Zhou emphasized the importance of leadership in preventing potential problems of this nature and ensuring a more robust process for managing future token listings.
Compensation Plan Eases Token Launch Discrepancies
The exchange’s goal is to fulfill these essential functions in order to strengthen its market position and user trust. In response to community criticism, Bybit introduced a compensation plan to assist users affected by the trading disparities during the launch of the NOT.
Among the plan’s benefits were an airdrop of 30 MNT, a trading bonus of $50 and a three-month upgrade to VIP +1 rank.
Additionally, the level of membership these customers held determined a bonus of up to $500 for existing VIP users. A comprehensive compensation program with a total value of roughly $26 million was developed with the intention of addressing the financial impact experienced by approximately 320,000 users.
We processed the money immediately within three business days and sent confirmation emails to all individuals affected by the transaction.
Bybit’s proactive actions demonstrate the company’s dedication to preserving the trust of its users and satisfying regulatory requirements.
The company aimed to mitigate the negative impact of the fallout and stabilize the token’s market performance post-launch through its prompt financial response and open communication.
The early pricing discrepancy on Bybit, compared to other exchanges, raised concerns about the market’s stability and the exchange’s reliability.
Although Bybit does not list at $0.0007, competitors such as Binance and Bitget have higher opening prices of $0.01 and $0.035, respectively.
This disparity highlights the challenges Bybit faces due to the airdrop issue. Since then, the price of Notcoin has made a remarkable recovery, with current trade numbers staying stable above $0.01176 and steadily returning to normalcy.
As NOT continues to gain traction among investors, analysts have identified a support level at $0.01138 and a resistance level at $0.01319, which indicates that the cryptocurrency is entering a consolidation period.