As a researcher with experience in the crypto space, I find the Notcoin incident at Bybit concerning. The delayed balances issue that occurred during the listing process disadvantaged some users and led to a significant price discrepancy between Bybit and other exchanges. This situation ultimately resulted in several executives leaving the company and a public recruitment for new technical and spot managers.
According to reports, there are signs of leadership changes within Bybit’s ranks following the contentious addition of Notcoin (NOT) to the exchange.
As an analyst, I’ve come across reports indicating that several executives have chosen to step down following the recent incident. The exchange, in response, has initiated a public recruitment process for new technical and spot managers.
The Notcoin Delayed Balances Incident
As a crypto investor, I encountered an unexpected hiccup during the NOT listing: not everyone received their airdrop of tokens before trading began. This delay put some investors at a disadvantage, as they missed out on the opportunity to hold the free tokens before the market opened. Consequently, the trading price on Bybit was significantly lower compared to other exchanges, presenting an attractive entry point for those who managed to secure their tokens later.
As a crypto investor following the developments at Bybit, the third-largest offshore exchange, I’ve learned that after the Notcoin delayed deposit incident, some executives chose to step down from their roles voluntarily. They have since publicly announced their intent to recruit new technical and spot market managers within the company.
— Wu Blockchain (@WuBlockchain) May 31, 2024
In a post published only hours prior to trading commencement, Bybit’s CEO, Ben Zhou, promptly addressed the problem and disclosed that the exchange’s digital wallet had been inundated with an excessive amount of transactions.
The Bybit team is putting in considerable effort to resolve the issue with the Notcoin airdrop balance reflections. In a recent post on May 16, Zhou explained that over 370,000 transactions from Notcoin had been received by Bybit’s wallet, but the adjustments to individual user balances took longer than expected.
To address the problem, Bybit tried giving out user credits manually prior to the market commencement. However, Zhou acknowledged that merely 70% of the eligible users received their credits before the deadline. He expressed regret over the lapse and vowed to devise a compensation strategy for the approximately 320,000 users whose NOT account balances were impacted by irregularities on the launch day.
The Compensation Plan
As a researcher, I’ve come across information from Ben Zhou regarding Bybit’s compensation plan for the affected users. This plan consisted of several components. Firstly, there was a 30 MNT airdrop. Secondly, each user received a $50 trading bonus. Thirdly, VIP users were entitled to an additional bonus, with the amount dependent on their specific VIP tier. The total compensation summed up to roughly $26 million. This entire process was expected to be completed within three business days, and confirmation emails were set to be sent out to all concerned users following the completion of this process.
As an analyst, I’ve noticed an intriguing price disparity between different exchanges when it comes to Notcoin trading. Specifically, I observed that Notcoin’s prices on Bybit were notably lower than those on Binance and Bitget. For instance, Notcoin began trading at $0.0007 on Bybit, whereas it opened at $0.01 on both Binance and Bitget. Remarkably, other platforms saw the token reach impressive highs of up to $0.035.
Initially, Notcoin emerged as a mini app on Telegram, enabling users to engage in playing and mining its in-app currency without leaving the messaging platform, which had amassed over 35 million users. This achievement attracted significant attention from prominent crypto exchanges, resulting in upcoming listings on Binance, OKX, Bybit, and other renowned platforms.
Notcoin
Binance OKX Bybit
Kucoin Gate Bitget
Bitfinex and othersTrading opens May, 16
At 6:00 AM in San Francisco, it’s 9:00 AM in New York, noon in Coordinated Universal Time (UTC), 1:00 PM in London, 2:00 PM in Prague, 3:00 PM in Kyiv and Moscow, 3:30 PM in Tehran, 4:00 PM in Dubai, 5:00 PM in Tashkent and Orenburg, 6:30 PM in Delhi, and 9:00 PM in Hong Kong. Meanwhile, in Kyoto, it’s 10:00 PM.
— Notcoin Ø (@thenotcoin) May 15, 2024
As a researcher studying the cryptocurrency market, I can share that on May 16, I observed Notcoin becoming available for trading on various exchanges around the world. This event was distinguished by an airdrop of approximately 80 billion NOT tokens, which were distributed to pioneering supporters who had previously mined the in-game currency and set up a TON wallet.
Based on Coingecko’s statistics, the current value of Notcoin (NOT) is at $0.01195, signifying a substantial 152.6% rise over the past week. Yesterday, this cryptocurrency achieved a new record high of $0.01211 and attained a market capitalization of $1.2 billion for the first time in its history.
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2024-05-31 17:07