Introduction

After facing significant challenges with the launch of Notcoin (NOT), leading cryptocurrency exchange Bybit has decided to make substantial changes to its leadership team. This move comes after several high-ranking officials stepped down, prompting Bybit to search for new technical and spot managers to help stabilize its operations.

Bybit Searches for New Leaders After Token Launch Problems

The reshuffling within Bybit's management was triggered by the problematic rollout of Notcoin. The launch was marred by an uneven distribution of airdropped tokens, which resulted in trading disadvantages for users who received their tokens later than others. These users entered the market with less buying power, causing frustration and trading losses. Bybit’s CEO, Ben Zhou, acknowledged the mistake publicly, stating, “The Bybit team is working very hard to solve the Notcoin airdrop balance reflection issue,” pointing out that the exchange’s wallet systems were overwhelmed by the high transaction volume.

In the wake of this incident, several senior executives resigned, taking responsibility for the mishandling of the Notcoin listing. Zhou emphasized the importance of having a strong leadership team to prevent similar issues in the future and to establish a more reliable system for new token listings. Bybit is now actively seeking replacements to strengthen its market position and regain user trust.

Compensation Plan Eases Disparities from Token Launch

To address the backlash from the community, Bybit announced a compensation plan for users affected by the trading discrepancies during the Notcoin launch. The plan included a 30 MNT airdrop, a $50 trading bonus, and a three-month upgrade to VIP +1 status. Additionally, existing VIP users were offered a bonus of up to $500, depending on their membership level. This compensation package, totaling approximately $26 million, was designed to offset the financial impact on around 320,000 users. The funds were distributed promptly within three business days, and confirmation emails were sent to all affected users.

Bybit’s quick financial response and transparent communication aimed to mitigate the negative impact of the Notcoin launch and stabilize the token’s market performance.

Conclusion

Compared to other exchanges, Bybit’s initial pricing of NOT at $0.0007 raised concerns about market stability, especially since competitors like Binance and Bitget had higher starting prices of $0.01 and $0.035, respectively. This highlighted the difficulties Bybit faced after the airdrop issue. Since then, Notcoin's price has rebounded significantly, stabilizing above $0.01176 and indicating a consolidation phase with support at $0.01138 and resistance at $0.01319. Bybit's proactive measures demonstrate its commitment to user trust and regulatory compliance, aiming to recover from the initial launch issues and improve future operations.