Bybit Confirms Executive Shake Up After Notcoin Deposit Delays

Notcoin issued $32 million in compensation to 320,000 impacted users.

AccessTimeIconMay 31, 2024 at 12:58 p.m. UTC
Updated May 31, 2024 at 2:30 p.m. UTC
  • Bybit confirmed several executives have "changed roles" following a delay in notcoin deposits earlier this month.
  • The exchange issued $32 million in compensation to 320,000 users.
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  • Cryptocurrency exchange Bybit has confirmed reports that several executives have "changed roles" after a botched notcoin (NOT) launch resulted in $23 million in compensation being sent to 320,000 users.

    News outlet Wu Blockchain initially reported that several of the exchange’s executives "voluntarily resigned" and that it 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 is a game based on the instant messaging platform Telegram. It 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 faced delays in depositing the newly issued notcoin to Bybit, which resulted in losses as they couldn’t immediately sell the asset. The exchange received 370,000 on-chain transactions; 70% of deposits were 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 cent, having more than doubled from a low of $0.0047 last week, according to CoinMarketCap.

    (UPDATE: May 31, 14:28 UTC) Adds quote from Bybit spokesperson on team members taking up other internal roles.

    Edited by Parikshit Mishra.


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    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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