Bybit Exchange Faces Scandal Over Notcoin Token Incident
Bybit cryptocurrency exchange recently came under fire due to issues surrounding the Notcoin token. The events of May 16, 2024, led to the dismissal of key executives at the exchange. Renowned crypto journalist Colin Wu reported that delays in Notcoin deposits prompted the reshuffling of management and the appointment of new technical and spot managers.
Compensation Plan Announced for Affected Clients
Technical and communication failures on the day of Notcoin token listing prevented users from selling their tokens promptly, causing inconvenience to many clients. Bybit has unveiled a compensation plan for 320,000 affected users, offering a 30 MNT platform token bonus, a $50 trading bonus, and a three-month VIP status upgrade. VIP users may also receive additional bonuses of up to $500 based on their status level.
CEO Addresses the Issue and Promises Improvement
Bybit CEO Ben Zhou has pledged to process the $26 million compensation within three days and keep clients informed. Zhou reassured users that steps will be taken to prevent similar incidents in the future, with plans to enhance the exchange’s technical infrastructure. The focus is on rebuilding trust and enhancing operational processes to ensure reliability and transparency for all clients.
