Zhou added that the crypto space has been chaotic because of rumors posted without evidence. Source: Ben ZhouBybit denies $1.4-million listing fee accusationIn a statement sent to Cointelegraph, a Bybit representative clarified the requirements for listing on the crypto exchange. According to Bybit, the exchange requires three things from projects: a promotion budget, a security deposit and an evaluation process. “Projects are expected to allocate promotional funds for user engagement activities, though legal constraints prevent exchanges from holding tokens directly,” the representative told Cointelegraph. Bybit said it asks for a deposit of $200,000–$300,000 in stablecoins to ensure promotional goals are met.
The representative told Cointelegraph: “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.”Related: Bybit integrates Avalon through CeFi to DeFi bridge for Bitcoin yieldUser claims Bybit provided trial contracts to studentsIn addition to the listing fee allegations, the X user claimed that Bybit had provided trial contracts to students under its 2024 Campus Ambassador program and used KOLs to suppress complaints.
Crypto exchange Bybit has denied claims that it charges $1.4 million to list a token on its platform, following allegations made by a social media user with over 100,000 followers.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Ezra Reguerra
The story "Bybit denies $1.4M listing fee, school promo accusations on X" has 389 words across 17 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Bybit denies $1.4M listing fee, school promo accusations on X" was covered 1 days ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 27 news stories per day.
It's most recent story was published 7 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
