Bybit Executives Reassigned After Notcoin Launch Issues, $23 Million in Compensation Issued

Bybit Executives Reassigned After Notcoin Launch Issues, $23 Million in Compensation Issued

Cryptocurrency exchange Bybit has confirmed reports of several executive role changes following a mishandled notcoin (NOT) launch that led to $23 million in compensation being issued to 320,000 users.

Initially reported by Wu Blockchain, it was suggested that several Bybit executives “voluntarily resigned,” prompting the recruitment of new technical and spot managers.

“We are aware of the recent news regarding our executive movements,” a Bybit spokesperson informed CoinDesk. “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 have been reassigned to other internal roles.”

Notcoin is a game based on the instant messaging platform Telegram and stands as one of the largest cryptocurrency gaming projects with 35 million users. Early adopters of the game earned in-game balances that could eventually be converted to a Notcoin airdrop at a 1000:1 ratio.

On May 16, users encountered delays in depositing the newly issued notcoin to Bybit, leading to losses as they couldn’t immediately sell the asset. The exchange processed 370,000 on-chain transactions, with 70% of deposits credited before the market went live.

“We prioritized customer interests and conducted a thorough internal review to enhance the customer experience for the future,” the Bybit spokesperson added. “This improvement led to some leadership role changes, which we believe are essential.”

Notcoin is currently trading at over $0.0115, having more than doubled from a low of $0.0047 last week, according to CoinMarketCap.