Bybit Rejects $1.4 Million Listing Fee and Student Program Accusations

Crypto exchange Bybit has vehemently denied accusations of demanding a hefty $1.4 million listing fee and silencing students involved in its Campus Ambassador program. These allegations surfaced on April 14th via an X post by user \”silverfang88,\” who boasts over 100,000 followers. The user claimed Bybit extorts millions from projects for token listings and utilized key opinion leaders (KOLs) to suppress negative feedback from students participating in trial contracts through the program.

Bybit CEO, Ben Zhou, swiftly refuted these claims, publicly challenging \”silverfang88\” to provide concrete evidence. Zhou highlighted the prevalence of unsubstantiated rumors causing chaos within the crypto industry.

In a statement to Cointelegraph, Bybit clarified its listing requirements. While promotional budgets are indeed expected from projects, Bybit emphasized that legal restrictions prevent direct token holdings. The exchange requires a security deposit, ranging from $200,000 to $300,000 in stablecoins, to ensure promotional goals are met. Failure to achieve these goals may result in penalties. Beyond the financial aspects, Bybit’s listing process involves a thorough evaluation encompassing on-chain data analysis, team credentials verification, and a rigorous review of project fundamentals and risk profiles.

\”Evaluations focus on fundamentals and risk controls, including onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms and team credentials.\” – Bybit representative

Regarding the allegations surrounding the Campus Ambassador program, Bybit has yet to directly address the specifics. However, Zhou reiterated his call for proof, urging accusers to present evidence of wrongdoing. The X user, \”silverfang88\”, shared details of the 2024 Campus Ambassador program on their account, suggesting a link between the program and the allegations.

This situation underscores the importance of verifying information in the volatile cryptocurrency space. As investigations continue, the industry awaits further clarification from Bybit regarding both the listing fees and the Campus Ambassador program allegations.