airdrop

Bybit Executives Reshuffle Positions After $26 Million Airdrop Compensation

The Big Whale

01 Jun 2024 — 1 min read

Bybit executives changed roles after $26M compensation for flawed airdrop.
Leadership changes due to commitment to placing right people in right roles.
Notcoin airdrop delayed, affecting 320,000 users with lower trading price.
$26M compensation plan disclosed by Bybit CEO Ben Zhou.
Rumors of insolvency and hacking dispelled by Bybit on May 22.
Bybit faced regulatory challenges in France on May 16.

Summary :
Several executives at the crypto exchange Bybit have changed positions following a flawed airdrop that resulted in over $26 million in compensation to users. Bybit stated that the airdrop of the Notcoin token was delayed due to system maintenance and high transaction volume, causing a lower trading price for those who received their tokens later. The exchange disclosed a $26 million compensation plan and assured users that the funds would be processed within three working days. Bybit has also faced challenges this month, including dispelling rumors of insolvency or hacking and dealing with regulatory issues in France.

Sources :

- CoinTelegraph

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