tl;dr
Bybit, a cryptocurrency exchange, recently underwent a significant replacement of top executives following trading discrepancies involving its Notcoin (NOT) currency. The restructuring involved leaders in various business departments, and while the specific reasons remain undisclosed, Bybit's COO st...
Bybit, a cryptocurrency exchange, recently underwent a significant replacement of top executives following trading discrepancies involving its Notcoin (NOT) currency. The restructuring involved leaders in various business departments, and while the specific reasons remain undisclosed, Bybit's COO stated it as a regular organizational development. This move may be connected to the Notcoin incident in May, which led to a disadvantage for affected traders. Bybit had previously compensated those impacted by the Notcoin debut with airdrops and trading bonuses worth approximately $26 million.
According to Wu Blockchain on X, the exchange underwent a large-scale replacement of its top executives, including the heads of its spot, derivatives, customer service, and VIP departments amongst others. While the reason for this restructuring remains unknown, Bybit COO Helen claimed that the current leaders’ change is a regular organizational development.
It is worth noting that a similar trend was seen around May during the Notcoin delayed deposit incident. The controversial listing of NOT led to an uneven distribution of airdropped tokens among users. Unfortunately, the incident led to a trading disadvantage for those who received their tokens late. They entered the market with lower buying power than others who had received tokens earlier. As a result, several senior executives resigned, taking responsibility for the missteps during the NOT listing. Immediately, the exchange began to seek new technical and spot managers to fill these critical roles in other to reinforce its market position and user trust. Therefore, the recent restructuring may be linked to that incident in May.
Crypto enthusiasts who were affected by the trading discrepancies during the Notcoin debut were offered a compensatory plan. It included a 30 MNT airdrop, a $50 trading bonus, and a three-month upgrade to VIP 1 status. Based on their membership levels, existing VIP users were eligible for a bonus of up to $500. This comprehensive compensation package was worth approximately $26 million. It was specifically designed to fix the financial impact on approximately 320,000 users who were affected. The funds were processed promptly within three working days, with confirmation emails dispatched to all affected parties.
Presently, Notcoin's market activity has surged, with its price experiencing fluctuations. Cryptocurrency exchange Bybit recently replaced a couple of its executives only a few weeks after its Notcoin (NOT) trading discrepancies. As of June 26, Notcoin experienced a surge in market activity following a bullish trend. It was perceived that the price was recovering after recent market corrections. The token hovered at $0.0157 with a 9% surge during the European trading session on Wednesday. At the time of this writing, the coin was trading at $0.01551, up more than 5% down from its market value the previous day.