Cryptocurrency exchange Bybit has confirmed reports of an executive reshuffle following issues with the Notcoin launch, which resulted in $23 million in compensation to 320,000 users.
News outlet Wu Blockchain reported that several executives “voluntarily resigned” and that Bybit has recruited new technical and spot managers. “We are aware of the recent news regarding our executive movements,” a Bybit spokesperson told CoinDesk. “Bybit regularly updates its organizational structure to align with our strategic goals. Together with the team, 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 based on the Telegram messaging platform, is one of the largest cryptocurrency gaming projects with 35 million users. Early adopters of the game earned in-game balances that could eventually be converted to a Notcoin airdrop at a 1000:1 ratio.
On May 16, users experienced delays in depositing the newly issued Notcoin to Bybit, resulting in losses as they couldn’t immediately sell the asset. The exchange received 370,000 on-chain transactions, with 70% of deposits credited before the market went live.
“We prioritized customer interests and conducted a thorough internal review to enhance the customer experience for the future,” the Bybit spokesperson added. “This improvement led to some leadership role changes, which we believe are essential.”
Notcoin is currently trading at over $0.0115, having more than doubled from a low of $0.0047 last week, according to CoinMarketCap.
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Source: https://cryptocurrencynews.com/bybit-confirms-executive-changes-after-notcoin-launch-issues/
