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| Bybit |
CEO Ben Zhou challenges viral accusations while Bybit adjusts services post-security breach
Crypto exchange Bybit has officially denied claims that it demands $1.4 million to list tokens, calling the allegations baseless. The controversy began on April 14 when X (Twitter) user "silverfang88" alleged that Bybit asked millions in listing fees and suppressed student complaints via key opinion leaders (KOLs) linked to its Campus Ambassador program.
In response, Bybit CEO Ben Zhou asked for concrete evidence, stating that the crypto space suffers from unverified rumors. “Please show evidence if Bybit has done anything wrong,” Zhou posted, defending the exchange’s practices and transparency.
Bybit clarifies listing terms, faces silence allegations over student ambassador program
Bybit issued a statement outlining its token listing process. According to the exchange, project teams must provide a promotion budget and a security deposit—typically between $200,000 and $300,000 in stablecoins—to support user engagement.
These funds are not listing fees, but rather commitments to achieve promotional targets. Penalties may apply if those targets are missed. The exchange emphasized that it cannot hold project tokens directly due to legal limitations.
Bybit also detailed its internal review process, which includes due diligence, on-chain data analysis, team verification, and project fundamentals. However, the platform has not directly addressed the claims involving its ambassador program or the alleged use of KOLs to silence criticism.
Post-hack recovery boosts Bybit’s market share as platform strategy evolves
Bybit’s denial comes amid a broader recovery effort following a $1.4 billion hack in February 2024. The breach impacted liquid-staked Ether (stETH), Mantle staked ETH (mETH), and other assets. The attackers used THORChain to launder funds, but blockchain analysts have traced 89% of the stolen tokens.
Following the hack, Bybit’s market share dropped to 4%, according to Block Scholes, but has since climbed back to 7%, indicating growing user trust. As part of its new strategy, Bybit shut down its NFT and IDO platforms on April 8, aligning with declining global NFT trading volumes.
The move mirrors exits by other major platforms like Kraken and LG Art Lab, as the NFT market continues to cool from its $3.24 billion peak in 2021. Bybit’s changes suggest a deliberate pivot toward security, compliance, and core exchange services.