PANews reported on May 31 that according to CoinDesk, Wu said that the "Notcoin delay incident caused a major turmoil in Bybit's management." The crypto exchange Bybit confirmed the report, saying that after the failure of Notcoin (NOT) issuance resulted in 320,000 users receiving US$23 million in compensation, several executives had "changed positions."
A Bybit spokesperson said: "We are aware of the recent news about executive changes. Bybit regularly updates its organizational structure to align with our strategic goals. We share a commitment with the team to put the right people in the right positions." A Bybit spokesperson added: "We prioritize customer interests and have conducted a thorough internal review to enhance the customer experience in the future. This improvement has resulted in changes in some leadership roles, which we believe is essential."
On May 16, users experienced delays when depositing newly issued notcoins into Bybit, preventing them from selling their assets immediately and causing losses. The exchange received 370,000 on-chain transactions; 70% of the deposits were received before the market opened.
