Crypto exchange Bybit has verified rumors that a number of executives have “changed roles” following a disastrous notcoin (NOT) launch that resulted in 320,000 consumers receiving $23 million in compensation. Wu Blockchain, a news outlet, first revealed that the exchange had hired new technical and spot managers and that a number of its executives had “voluntarily resigned”.
“We are aware of the recent news regarding our executive movements,” a Bybit spokesperson told 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 moved to take up other internal roles.”
A game called Notcoin is based on the Telegram instant messaging service. With 35 million users, it is one of the biggest bitcoin game initiatives. Early players acquired in-game balances that, at a later time, could be exchanged for a 1000:1 Notcoin airdrop. On May 16, users experienced difficulties transferring the freshly created notcoin into Bybit; as a result, they were unable to sell the asset right away and suffered losses. 370,000 on-chain transactions were received by the exchange, and 70% of deposits were credited prior to the market opening.
“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.”
According to CoinMarketCap, Notcoin has more than doubled in value from a low of $0.0047 last week, and it is presently trading at over $0.0115 cent.