Bybit Sees Heavy Executive Restructuring Post Notcoin Saga: Report

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As a seasoned crypto investor with a keen interest in the market’s dynamics and developments, I find the recent executive reshuffle at Bybit concerning, especially considering the exchange’s history with the Notcoin (NOT) trading discrepancies. While COO Helen maintains that this is a regular organizational development, I cannot help but recall the impact of the NOT incident on users and the exchange’s reputation.

Recently, the cryptocurrency exchange Bybit made some executive changes, replacing a few key team members shortly following the discovery of trading irregularities in their Notcoin (NOT) market.

Bybit Executives Takes Blame For Notcoin Saga

As a crypto investor following Wu Blockchain’s reports, I recently learned that X exchange underwent significant leadership changes.

Among the heads leading various departments at Bybit, such as spots, derivatives, customer service, and VIP, are included in this reorganization. The rationale behind this change is unclear, but according to Bybit COO Helen, it represents typical organizational evolution.

Lately, Bybit has experienced significant executive changes within its team. The leaders of nearly every business unit, such as the spot market, derivatives, customer support, and VIP sectors, have been swapped out, with the cause being undisclosed. COO Helen commented that the ongoing…

— Wu Blockchain (@WuBlockchain) June 27, 2024

As a crypto investor, I’d like to point out that a situation reminiscent of the Notcoin delayed deposit incident occurred around May. The controversial listing of NOT resulted in an uneven distribution of airdropped tokens among users, with some receiving theirs later than others. Unfortunately, this meant that those who joined the market later entered with less buying power compared to early recipients.

Following the NOT listing mishap, some top-level officials stepped down, acknowledging their role in the errors. Consequently, the exchange has been actively recruiting new technical and spot managers to replace them and strengthen its market standing and user confidence. As a result, the recent organizational changes could be linked back to the May incident.

NOT Coin Fluctuates Sideways

For individuals who experienced trading irregularities during the launch of Notcoin and were adversely affected, a reparation scheme was proposed. This plan encompassed a 30 MNT airdrop, a $50 bonus for trading, and an extended VIP +1 membership validity of three months. Depending on their existing membership tiers, prior VIP members could potentially receive a bonus worth up to $500.

Approximately $26 million in total compensation was provided in this extensive package, aimed at rectifying the financial harm experienced by around 320,000 users. The distribution of funds occurred swiftly within a three-business day timeframe, with confirmatory emails sent to all concerned individuals.

Currently, NOT is experiencing a significant increase and had a transaction volume of approximately 210 million coins as of June 26th. There was heightened market activity for Notcoin due to its bullish trend. It appeared that the token’s price was rebounding after previous market corrections. The value of NOT hovered around $0.0157, with a 9% price rise during European trading sessions on a Wednesday.

Currently, the coin is being bought and sold for $0.01551, representing a 5% increase in price compared to the value it held the day prior.

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2024-06-27 20:11