Asia Express – Cointelegraph Magazine

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Bybit’s open-day Notcoin woes

Cryptocurrency exchange Bybit hasbeenembroiledin controversyover the initial listing of Notcoin (NOT), a play-to-earn game and token integrated as a Telegram Mini App and built on The Open Network.

Essentially, not all users received their airdrop before the market opened, leaving them at a disadvantage to those who had. The trading price was subsequently much lower than some other exchanges.

“Bybit team is working very hard to solve the Notcoin airdrop balance reflection issue,” wrote CEO Ben Zhou in an X post on May 16 in the hours before trading commenced, continuing:

“Our wallet received around 370k on-chain transactions from @thenotcoin; only Bybit airdropis sentthis way; it will normally take quite a long timeto be ableto catch up all balances and reflect. We are trying manual credits for all users before the market opens in 1 hour; please stay tuned. All hands on deck. We are trying as hard as we could to get the notcoin into your account before market opens.”

Zhou further stated that the exchange will formulate a compensation plan for all 320,000 users affected by abnormal Notcoin account balances on the day of a debut. He claimed 70% of eligible users had been credited before the market opened. “Sorry to let you all down. We will make sureto never let it happen again,” the CEO added.

Not all users were happy. 

“Binance and Bitget listed [NOT] at 0.01 while Bybit listed at 0.0007,” one user wrote. “That is why they are talking about compensation to silence people,” they alleged. 

Data from Binance and Bitget showsthat Notcoin explained volatile trading action after its debut with a day low of $0.000779 apiece and a high of $0.035.However, the same asset on Bybit only shows a peakhighof $0.01.

Notcoin’s wild trading day on Bybit.



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