Bybit Confirms Executive Shake Up After Notcoin Deposit Delays
Summary
Cryptocurrency exchange Bybit confirmed that several executives have changed roles following a problematic launch of Notcoin (NOT), which led to $23 million in compensation being distributed to 320,000 users. The exchange has also recruited new technical and spot managers. Notcoin, a game based on the Telegram platform, is one of the largest cryptocurrency gaming projects with 35 million users. On May 16, users experienced delays in depositing the newly issued Notcoin to Bybit, resulting in losses as they couldn't immediately sell the asset. Bybit received 370,000 on-chain transactions, with 70% of deposits credited before the market went live. Notcoin is currently trading at over $0.0115, more than double its low of $0.0047 last week.
