Crypto exchange Bybit has firmly denied allegations that it charges $1.4 million for token listings and that it used influencers to silence student concerns. The accusations were made by X user “silverfang88,” who has over 100,000 followers, sparking heated discussions on social media.
Allegations Spark Social Media Storm
On April 14, the user claimed that Bybit demanded millions from crypto projects seeking to list on the platform. The user also alleged that Bybit engaged key opinion leaders (KOLs) to suppress criticism from students involved in its 2024 Campus Ambassador programme.
In response, Bybit CEO Ben Zhou dismissed the claims, challenging the accuser to present evidence. Zhou criticised the wider crypto space for becoming chaotic due to baseless rumours circulated online.
Bybit Clarifies Listing Process
Bybit has since issued a statement refuting the $1.4 million fee claim. A company representative explained that the listing process involves three main components: a promotion budget, a security deposit, and an internal evaluation.
Projects are required to allocate promotional funds for user engagement initiatives. However, legal constraints mean the exchange cannot hold project tokens directly. To ensure promotional commitments are met, Bybit asks for a refundable security deposit ranging from $200,000 to $300,000 in stablecoins. This deposit may be partially or fully forfeited if agreed targets are not met.
In addition to the financial requirements, the exchange conducts a thorough listing review process. This includes form submissions, internal voting, research, and a final evaluation meeting. The assessment criteria focus on project fundamentals, onchain data, team credentials, address authenticity, token valuation, user distribution, and overall value proposition.
Trial Contract Controversy
The social media user also accused Bybit of providing trial contracts to students through its Campus Ambassador programme, then leveraging influencers to mute any dissatisfaction.
While Zhou again requested proof to support these claims, Bybit has yet to issue a formal statement directly addressing the ambassador programme allegations at the time of writing.
No Evidence Provided So Far
As the conversation continues on social media, no concrete evidence has been presented to support the claims against Bybit. The exchange maintains its stance, urging transparency and evidence-based discussions in the crypto community.
