tl;dr
Cryptocurrency exchange Bybit has confirmed that several executives have "changed roles" following a botched notcoin (NOT) launch, which resulted in $23 million in compensation being sent to 320,000 users. Bybit issued $32 million in compensation and updated its organizational structure, stating tha...
Bybit, a cryptocurrency exchange, acknowledged that several executives have "changed roles" after a flawed notcoin (NOT) launch, resulting in $23 million in compensation being distributed to 320,000 users. Consequently, Bybit issued $32 million in compensation and restructured its organization. Despite the reshuffling, affected team members are not departing the company but transitioning to other internal positions.
The notcoin game, built on the Telegram platform, encountered delays in depositing the newly issued notcoin to Bybit, causing financial losses for users. Of the 370,000 on-chain transactions received, 70% of deposits were credited before the market went live. Bybit emphasized prioritizing customer interests and conducting internal reviews to enhance the overall customer experience.
Notcoin, currently trading at over $0.0115 cent, has more than doubled from a low of $0.0047 last week, demonstrating significant market fluctuations.
In response to reports about executive movements, a Bybit spokesperson stated, "We made a joint commitment to placing the right people in the right roles. The affected team members are not leaving the company but moved to take up other internal roles."
Notcoin, a game with 35 million users, initially rewarded early adopters with in-game balances convertible to a Notcoin airdrop at a 1000:1 ratio. However, delays in depositing the newly issued notcoin to Bybit on May 16 led to user losses due to the inability to promptly sell the asset.
The exchange's meticulous review process led to leadership role changes, with Bybit deeming these adjustments as essential for future enhancements. CoinMarketCap reveals that Notcoin is currently trading at over $0.0115 cent, marking a considerable increase from last week's low of $0.0047.
In an update on May 31, 14:28 UTC, a Bybit spokesperson emphasized the team members' shift to other internal roles, reaffirming the company's commitment to its strategic objectives.