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Cryptocurrency exchange Bybit is facing significant internal restructuring following a controversial incident involving the listing of Notcoin (NOT). Several executives “voluntarily resigned” after the episode. Now, the exchange is publicly recruiting new technical and spot trading managers.

During Notcoin’s listing, an issue arose when not all users received their tokens in the airdrop before trading began. This delay disadvantaged them relative to those who had access to the free tokens. As a result, the trading price on Bybit was significantly lower than other exchanges.

Bybit CEO Ben Zhou quickly recognized the problem. As Zhou explained, the exchange’s wallet was overwhelmed by a large volume of transactions.

“The Bybit team is working hard to resolve the Notcoin airdrop balance reflection issue,” Zhou wrote in a post on X on May 16. He detailed that Bybit’s wallet received around 370,000 on-chain transactions from Notcoin, a process that took longer than anticipated to reflect in users’ balances.

To mitigate the problem, the exchange tried to manually credit users before the market opened. Zhou admitted that despite these efforts, only 70% of eligible users were credited on time.

He apologized for the failure and promised a compensation plan for the 320,000 users affected by abnormal NOT balances on opening day.

Errors in Notcoin’s listing on the exchange

Two weeks ago, according to Ben Zhou, the compensation plan for affected Bybit users included a 30 MNT airdrop, a $50 trading bonus, and a three-month +1 VIP upgrade.

VIP users would receive an additional bonus of up to $500 depending on their VIP level. The total compensation, which amounted to approximately US$26 million, was processed within three business days, with confirmation emails sent to users.

Notcoin trading on Bybit showed significantly lower prices than on other exchanges, such as Binance and Bitget, where the token had much higher values. One user highlighted that Bybit listed Notcoin at $0.0007, while Binance and Bitget listed it at $0.01, and other platforms saw the token reach as high as $0.035.

Notcoin started as a Mini App on Telegram, allowing users to play and mine in-game currency directly on the messaging platform, which has gained over 35 million users.

This success caught the attention of major cryptocurrency exchanges, leading to listings on Binance, OKX, Bybit and others. On May 16, Notcoin was available for trading on these exchanges in multiple time zones.

The launch was marked by an airdrop of over 80 billion NOT tokens to early adopters who mined the in-game currency and linked a TON wallet.

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