Bybit, a well-known cryptocurrency exchange, is undergoing significant leadership changes following issues with the launch of the Notcoin (NOT). To address the problems and stabilize operations after the resignation of several executives, the organization is currently recruiting new technical and spot managers.
The unfair allocation of airdropped tokens among users due to a controversial listing of NOT played a pivotal role in prompting these changes. As a result, users who received their tokens later had less purchasing power when they entered the market compared to those who received their tokens earlier. Bybit’s CEO, Ben Zhou, publicly acknowledged this mistake in a post.
In response to the community’s concerns, Bybit has implemented a compensation mechanism for users affected by the trading inconsistencies during the NOT launch. The compensation plan includes an airdrop of 30 MNT, a trade bonus of $50, and a three-month promotion to VIP+1 rank. Additionally, current VIP members can receive a bonus of up to $500, depending on their membership level. This extensive compensation plan will mitigate the financial losses of approximately 320,000 users, amounting to nearly $26 million.
Bybit has taken proactive measures to address these issues and demonstrate their commitment to user confidence and regulatory compliance. They have swiftly notified all affected parties via email about the expedited processing of their compensation within three business days.
In other news, Ark Invest has observed a significant outflow of $100 million from a Bitcoin ETF, marking the largest outflow since its launch.