Lagos, Nigeria — Crypto exchange Bybit don deny social media claims say dem dey charge $1.4 million for tokens to list on dem platform. Dis wahala come after user “silverfang88” wey get over 100,000 followers drop allegation on April 14 say Bybit dey demand millions from projects for listing fees.
The user also talk say Bybit dey use key opinion leaders (KOLs) to silence students wey receive trial contracts from dem Campus Ambassador program. In response to dis claims, Bybit CEO Ben Zhou ask di social media user make e provide evidence wey go prove wetin e talk, insisting say di crypto space don dey full with rumors without proper backing.
In statement wey dem send to Cointelegraph, Bybit explain di real requirements wey dem set for projects wey wan list with dem. According to dem, dem dey require three major things: promotion budget, security deposit, and evaluation process for any project.
“Projects suppose allocate money for promotion to engage users, but legal constraints dey prevent exchanges from holding tokens directly,” di Bybit representative talk to Cointelegraph. Dem specify say dem dey require security deposit of between $200,000 and $300,000 in stablecoins to make sure say dem meet di promotional goals. Penalties go dey apply if dem no fit reach di target goals.
Apart from di promotional funds, di exchange talk say dem listing process get several steps, including form submission, internal voting, research, and listing review meeting. Di representative further explain say: “Evaluations dey focus on di fundamentals and risk controls, wey include onchain data, address authenticity, use cases, user distribution, project value, token valuation, value capture mechanisms, and team credentials.”
Consistent with di allegations from di X user, dem also claim say Bybit don give trial contracts to students for di 2024 Campus Ambassador program and dey use KOLs to suppress any complaints. But Zhou don respond to these allegations too, again urging dem to show proof. “Please show evidence if Bybit don do anything wrong,” he write on X.
At di time of publication, Bybit never directly respond to di specific claims related to their ambassador program. Dis continuous tension between di exchange and social media claims don continue to draw attention as more people dey interested in crypto listings and processes.
