Bybit, a cryptocurrency exchange, has confirmed changes in its executive team following delays in the deposit process for Notcoin (NOT). The company issued $32 million in compensation to 320,000 users impacted by the incident.
Compensation and Executive Changes
Following the botched launch of Notcoin on May 16, Bybit has made several adjustments to its leadership. Reports indicate that some executives have voluntarily resigned, and the exchange has recruited new technical and spot managers.
A Bybit spokesperson stated, “Bybit regularly updates its organizational structure to align with our strategic goals. Together with the team, we made a joint commitment to placing the right people in the right roles. The affected team members are not leaving the company but moved to take up other internal roles.”
Impact on Notcoin Users
Notcoin, a game-based cryptocurrency linked to the Telegram messaging platform, experienced significant deposit delays, resulting in losses for users who could not sell their assets immediately.
Early adopters earned in-game balances that were convertible to Notcoin at a 1000:1 ratio. On May 16, 370,000 on-chain transactions were processed, with 70% of deposits credited before the market went live. However, the delays caused financial losses, leading Bybit to issue $32 million in compensation.
Future Improvements and Market Response
In response to the incident, Bybit conducted a thorough internal review to enhance customer experience. This review led to leadership changes deemed essential for future improvements. The spokesperson emphasized that customer interests were prioritized throughout the process.
Notcoin’s market performance has shown resilience despite the initial hiccup. After doubling in value from a low of $0.0047 last week, the cryptocurrency is currently trading at over $0.0116.
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