Finance

Leadership Changes at Bybit Following Notcoin Listing Incident Affect 320,000 Users

Several top executives at the cryptocurrency exchange Bybit have reportedly resigned following complications related to the listing of a new cryptocurrency, Notcoin (NOT). The incident, which occurred in mid-May, has impacted approximately 320,000 users of the platform, according to journalist Colin Wu.

Wu linked the resignations directly to the problematic Notcoin listing, citing an internal memo that suggested the departures were voluntary. In response to these developments, Bybit has reportedly bolstered its staff, including technical personnel and managers responsible for the spot market.

In an update, the news outlet Incrypted reached out to Bybit for a statement. The exchange confirmed the staffing changes but refrained from directly attributing them to the Notcoin issue. A spokesperson from Bybit stated, "We are aware of the recent news regarding shifts among our top management. Bybit regularly updates its organizational structure to align with our strategic goals."

The exchange also noted that it had conducted a thorough analysis of its organizational structure, leading to certain staffing adjustments. However, whether these changes were directly related to the Notcoin listing was not explicitly confirmed.

The listing of Notcoin on several centralized cryptocurrency exchanges took place on May 16, 2024. Some users experienced issues receiving the tokens in their wallets on these platforms. Specifically, Bybit reported that the incident affected 320,000 of its users. The company apologized for the delays and announced that affected individuals would receive compensation totaling $26 million.

Furthermore, the Notcoin project team has committed to supporting its community amid these challenges. In light of the listing and crediting issues in Telegram Wallet, community members are set to receive an additional $10 million in tokens as compensation.

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