Bybit confirmed internal role changes for several executives following a botched airdrop that affected 320,000 users and led to a $26 million compensation payout.
Several executives from the crypto exchange Bybit had changed positions after a flawed airdrop resulted in over $26 million in compensation to users.
Reports of leadership changes in the exchange first surfaced on May 31. A Bybit spokesperson told Cointelegraph the company updates its business structure “regularly”:
The changes follow the botched airdrop of Notcoin (NOT), a play-to-earn game and token integrated as a Telegram Mini App. In a statement, Bybit explained that the airdrop was delayed due to system maintenance and an unusually high transaction volume:
