Crypto News- Bybit Disqualifies WSOT, Bybit has taken the decision to disqualify the leading team in its annual WSOT trading competition, a group known as Apolloventures. cz, which managed to achieve a staggering 30,000% return on investment (ROI) with a mere 19 members.
Bybit Disqualifies WSOT Trading Competition Team Due to 30,000% ROI Achievement
According to Bybit, the team reportedly engaged in manipulative practices involving altcoins characterized by low trading volumes, including CEEK and ALPACA contracts, to generate profits. Bybit trader DeFi^2 pointed out that these sorts of activities are easily detectable, but the team’s underlying motive was to garner attention and encourage users to join their community platforms, such as Discord, while also promoting their transaction services. While the exact reason for disqualification wasn’t officially disclosed, it’s evident that the team predominantly capitalized on perps contracts that exhibited negligible trading volume.
The winning team’s strategy entailed purchasing contracts linked to illiquid tokens, wherein a secondary account was utilized to make purchases before selling through the primary account. This method effectively facilitated a balance transfer between accounts, creating the illusion of a high within the competition, even though no actual profits were realized.
Despite the team’s subsequent disqualification, they managed to seize a slice of the spotlight, attracting significant attention and drawing thousands of users into their fold. Nevertheless, it’s essential for users to exercise caution and refrain from availing their services, as replicating a 30,000% outcome is implausible.