The cryptocurrency exchange Bybit has officially denied allegations of demanding $1.4 million for token listings. The company also refutes claims regarding the use of influencers to pressure students participating in its affiliate program.
This is reported by Finway
Allegations of improper practices were published following accusations from a social media user on X (formerly Twitter) under the nickname silverfang88, who has over 100,000 followers. He accused the platform of inflated listing fees and unethical behavior within the Campus Ambassador program. According to him, the company allegedly uses key opinion leaders (KOLs) to suppress dissent among its participants.
1. Which school has students trading contracts? Show the evidence. 2. Which legal department reported competitors? Where’s the evidence? 3. Which coin charged a listing fee? Evidence? The crypto space is chaotic because of idiots like you who spread rumors without evidence and like to fantasize.
Bybit’s CEO Ben Zhou has refuted these allegations and demanded that the accuser provide specific evidence. A representative of the exchange clarified that the platform requires a deposit ranging from $200,000 to $300,000 in stablecoins to cover advertising expenses. If the specified goal is not achieved, the company may face penalties.
“Assessments focus on fundamental indicators and risk control, including on-chain data, address authenticity, use cases, user distribution, project valuation, token assessment, value capture mechanisms, and team credentials,” the company stated.
According to Bybit, the listing process involves a formal application, internal discussions, and project verification against several criteria. These include online activity, token assessment, user base, and team reputation. The exchange also noted that it does not hold tokens for legal reasons.
The allegations related to the 2024 student program concern the provision of trial contracts and possible pressure on participants. Bybit’s CEO had not provided a clear response regarding this aspect at the time of publication, limiting himself to a call for evidence.
It is worth noting that recently, the Safe{Wallet} team published details of an attack on Bybit resulting in losses of $1.46 billion.