Bybit will pay $26 million compensation after their Notcoin Airdrop Failure

A few days ago, cryptocurrency exchange Bybit restructured it's team after a delayed airdrop distribution of more than $26 million.

In a statement, executives of Bybit, the third largest offshore exchange, explained that the distribution of tokens was delayed due to system maintenance and an unusually high volume of transactions.

The delay in token distribution resulted in a lower trading price for those who received their tokens later. According to the exchange, the balance problem affected 320,000 users.

“Total around $26M compensation will be processed within 3 working days, and emails will be sent to you. Again, sorry for the problem caused, we will do a deep dive internally to make sure it never happens again,” wrote Bybit’s CEO Ben Zhou on X.

Launched in January 2024, Notcoin is a free-to-play money-making game on Telegram where users can earn rewards in the eponymous Notcoin token by simply tapping on coin icons. The NOT cryptocurrency is based on the TON blockchain. Shortly after the launch of the Notcoin game, this clicker game went viral on Telegram, attracting millions of users, even though its token was not yet traded on cryptocurrency exchanges.

The coin is currently available for spot and futures trading on many cryptocurrency exchanges, including Binance, Gateio, OKX, WhiteBIT, Bybit and others.

https://preview.redd.it/563tfmiuxx5d1.png?width=1400&format=png&auto=webp&s=9280590384aa76cc8b0c793388f5bbd735426cc8