Cryptocurrency exchange Bybit has confirmed reports of a management reshuffle due to complications from the launch of Notcoin, which resulted in $23 million in rewards distributed to 320,000 users.
The news, first reported by Wu Blockchain, states that several executives have “voluntarily resigned” and that Bybit has hired new technology and field managers. “Bybit regularly updates its organizational structure to align with our strategic goals,” a Bybit spokesperson told CoinDesk. “The affected team members have not left the company and have taken on other internal roles.”
Notcoin, a game based on the Telegram instant messaging platform, is one of the largest cryptocurrency gaming projects, boasting 35 million users. Early adopters earned their in-game balance which could be converted into Notcoin airdrops at a 1000:1 ratio.
On May 16, users suffered financial losses as they were unable to immediately sell their assets due to a delay in depositing newly minted Notcoins into Bybit. Bybit received 370,000 on-chain transactions, with 70% of deposits made before the market went live.
“We put customer interests first and conducted a thorough internal review to improve future customer experiences,” a Bybit spokesperson added. “These improvements have resulted in some changes to leadership roles, which we believe are essential.”
Notcoin is currently trading above $0.0115, more than double its low of $0.0047 last week, according to CoinMarketCap.
Featured image: Wikipedia
Please see disclaimer