Bybit confirms that the Notcoin deposit delay incident has led to changes in its management

ChainCatcher news, according to CoinDesk, previously Wu said that "the Notcoin delayed deposit incident caused turmoil in Bybit's management." The cryptocurrency exchange Bybit confirmed the reports, stating that after the failure of the Notcoin (NOT) issuance, which resulted in 320,000 users receiving $23 million in compensation, several executives have "switched positions."

A Bybit spokesperson stated, "We are aware of the recent news regarding executive changes. Bybit regularly updates its organizational structure to align with our strategic goals. We are committed to placing the right people in the right positions with our team." The Bybit spokesperson added, "We prioritize customer interests and have conducted a thorough internal review to enhance future customer experiences. This improvement has led to some changes in leadership roles, which we believe are essential."

On May 16, users experienced delays when depositing the newly issued Notcoin into Bybit, preventing them from selling their assets immediately and resulting in losses. The exchange received 370,000 on-chain transactions; of which 70% of the deposits were credited before the market opened.