Bybit Confirms Executive Shake Up After Notcoin Deposit Delays

Initially, according to news source Wu Blockchain, some of the exchange’s top brass stepped down on their own accord. The organization has subsequently filled the vacated technical and spot manager positions with new hires.

“I want to address the latest reports about changes in our executive team at Bybit. Our company frequently adjusts its organizational setup to match our strategic objectives. In consultation with my colleagues, we have made a firm commitment to ensuring that each team member occupies the most suitable role.”

“Notcoin is a Telegram-based game and is part of one of the biggest cryptocurrency gaming initiatives, boasting a user base of over 35 million people. Pioneers of the game were rewarded with in-game currency, which could later be exchanged for Notcoin tokens at a rate of 1000:1.”

As a researcher studying digital currency exchanges, I came across an incident on May 16 where users encountered delays in depositing newly issued notcoin onto Bybit. Consequently, these users suffered losses because they couldn’t promptly sell their assets as the market had already gone live. The exchange recorded approximately 370,000 on-chain transactions, and around 70% of those deposits were successfully credited before the asset became tradable.

The Bybit representative emphasized that putting customers first was a priority, leading them to carry out an in-depth examination of their operations for the purpose of improving the customer experience moving forward. Consequently, certain management positions underwent adjustments, which they deemed necessary.

The current value of Notcoin surpasses $0.0115 cents on cryptocurrency markets, representing a significant increase of over 150% since it reached a recent low of $0.0047 just a week ago, based on data from CoinMarketCap.