Bybit Sees Heavy Executive Restructuring Post Notcoin Saga: Report

Cryptocurrency exchange Bybit recently replaced a couple of its executives only a few weeks after its Notcoin (NOT) trading discrepancies.

Bybit Executives Takes Blame For Notcoin Saga

According to Wu Blockchain on X, the exchange underwent a large-scale replacement of its top executives.

This includes the heads of its spot, derivatives, customer service, and VIP departments amongst others. While the reason for this restructuring remains unknown, Bybit COO Helen claimed that the current leaders’ change is a regular organizational development.

Recently, Bybit has once again undergone a large-scale replacement of its internal executives. The heads of almost all business departments, including spot, derivatives, customer service, and VIP, have been replaced for unknown reasons. COO Helen responded that the current… https://t.co/qLq5bcTCxG

— Wu Blockchain (@WuBlockchain) June 27, 2024

It is worth noting that a similar trend was seen around May during the Notcoin delayed deposit incident. The controversial listing of NOT led to an uneven distribution of airdropped tokens among users. Unfortunately, the incident led to a trading disadvantage for those who received their tokens late. They entered the market with lower buying power than others who had received tokens earlier.

As a result, several senior executives resigned, taking responsibility for the missteps during the NOT listing. Immediately, the exchange began to seek new technical and spot managers to fill these critical roles in other to reinforce its market position and user trust. Therefore, the recent restructuring may be linked to that incident in May.

NOT Coin Fluctuates Sideways

Crypto enthusiasts who were affected by the trading discrepancies during the Notcoin debut were offered a compensatory plan. It included a 30 MNT airdrop, a $50 trading bonus, and a three-month upgrade to VIP +1 status. Based on their membership levels, existing VIP users were eligible for a bonus of up to $500.

This comprehensive compensation package was worth approximately $26 million. It was specifically designed to fix the financial impact on approximately 320,000 users who were affected. The funds were processed promptly within three working days, with confirmation emails dispatched to all affected parties.

Presently, NOT is soaring and even recently saw a burn of 210 million coins. As of June 26, Notcoin experienced a surge in market activity following a bullish trend. It was perceived that the price was recovering after recent market corrections. The token hovered at $0.0157 with a 9% surge during the European trading session on Wednesday.

At the time of this writing, the coin was trading at $0.01551, up more than 5% down from its market value the previous day.

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