Bybit, a prominent cryptocurrency exchange, is currently seeking new technical and spot managers as part of its efforts to stabilize operations following the problems encountered during the launch of Notcoin (NOT). The contentious listing of NOT resulted in an unfair distribution of airdropped tokens among users, leading to a reshuffling of internal positions within the organization. Users whose tokens were sent later had less purchasing power compared to those who received their tokens earlier. Bybit’s CEO, Ben Zhou, acknowledged this issue in a public statement.
In response to the situation, several high-ranking executives took responsibility for their mistakes during the NOT listing and stepped down from their positions. Zhou emphasized the need for proactive measures from top-level management to prevent similar problems in the future and establish a more robust system for handling new token listings. Filling the vacancies for technical and spot managers is expected to strengthen the exchange’s market position and restore user confidence.
To address the concerns raised by the community, Bybit introduced a compensation mechanism during the NOT launch. This included an airdrop of 30 MNT, a trade bonus of $50, and a three-month promotion to VIP+1 rank. Additionally, current VIP members were eligible for a bonus of up to $500 based on their membership level. These extensive compensation measures will mitigate the financial losses of approximately 320,000 users, amounting to nearly $26 million. All affected parties were promptly notified via email about the expedited processing of their compensation within three business days. By implementing these proactive measures, Bybit demonstrates its commitment to maintaining user confidence and complying with regulations.
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