Notcoin

Future

2024

Impact

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.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Exclusive: After the Notcoin delayed deposit incident, several executives of Bybit, the third largest offshore exchange, "voluntarily resigned" and publicly recruited new technical and spot managers, according to an internal letter to all employees. <a href="https://t.co/CiUQyrAl4e" target="_blank">pic.twitter.com/CiUQyrAl4e</a>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1796477324961231207?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 31, 2024</a>
 </blockquote> 
 </div>
</figure> 
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.&nbsp; 
Early adopters earned in-game balances that were convertible to Notcoin at a 1000:1 ratio.&nbsp;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.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/31/bybit-introduces-groundbreaking-asset-management-program/" target="_blank" rel="noreferrer noopener">Bybit Introduces Groundbreaking Asset Management Program</a> 
</blockquote>

Bybit Overhauls Leadership After Notcoin Deposit Delays

The Crypto Times

2024년 5월 31일에 게재된 다른 기사

Biden's Crypto Policies Are Shaking Up The Crypto Community But 'Long Way Left To Go,' Says Expert

Spot Bitcoin ETFs See Record Movements With Fidelity Leading the Pack

BlackRock’s Ether ETF Poised for Late June Launch, Analysts Say

Beyond the Hype: Practical Applications of Crypto in Online Roulette

3 solid Bitcoin indicators predicting BTC price rise to $75K in June

US Restricts AI Chip Exports to Middle East, AMD and NVDA Affected

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!