Bybit Receives Backlash Over PUMP Token Sale Mismanagement

The sale of pump pump tokens.

While the pumping tokens sold in 12 minutes record, many users claim dissatisfaction, calling for the exchange to prove that no crime has been committed.

Place under fire in the middle of user frustration

Although it was not available for users in the United States and the United Kingdom, the sale of tokens has aroused massive interest. Based on this, the sale of pump tokens sold in just 12 minutes. He raised $ 500 million and saw a price increase of 40% in the following hours.

However, below the surface, frustration and accusations began to rise. Some users have declared failed transactions, frozen funds and what they claim to be an unjust and opaque allocation process.

The treatment of the sale by Bybit Exchange was quickly criticized following a wave of user complaints on X (formerly Twitter). In an official statement, Bybit said that the sale had been “suspected due to an unexpected API delay”.

Consequently, some users have received allowances while others received reimbursements or found themselves with funds stuck in the limbo.

“We sincerely apologize for any inconvenience caused and appreciate the patience and continuous support of our community,” wrote Bybit.

Notwithstanding, the apology did not go far enough for many in the cryptographic community. Some users have criticized parbit for delayed communication. They compared Bybit’s responsiveness to the way the exchange managed the $ 1.5 billion hack in February.

Several users shared video evidence showing that they placed their orders in the first seconds of the online sale, but were still reimbursed. Meanwhile, others who apparently ordered later received their tokens.

In this context, users ask for a detailed audit and anchored transactions to prove equity.

The most severe criticisms came from the cryptographic commentator Abhi (@ 0xabhip), which accused the bybit and the pump of a potentially illegal conduct.

“Be bybit & pump.fun in progress $ PUMP PRESAL> Users buy in a few seconds> Sudden Doud ‘Api Delay’> Filians FRUT at random> The first legitimate orders ignored, Blocked Funds> Zero Transparency, Chaotic Communications> CT Furious, Confidence permanently,” said Abhi. “Shame on the pump and browse it for ruptured users,” said the Crypto founder.

Some call it a “centralized carpet”, users withdrawn from funds, deleting applications and promising never to use the platform again.

Was the incident an engineering rarity?

Some traders call a masterclass in an engineering rarity elsewhere, noting that Bybit and Pump have kept everyone in the dark.

“The false rarity achieved. Shortesqueeze.exe,” joked Mosi.

According to Mosi, a popular user on X, Bybit and Pump.fun did not reveal what percentage of the token food would be allocated to each site in a chain or centralized.

The user quotes the neutral funds of Delta to short-circuited around the evaluation note of $ 5 billion to arbitrate the price of PERPS Spot-Perps, expecting to buy spot tokens on the bybt to hide.

However, when few allowances have been filled on the stock market, these sophisticated players were forced to cover short prices shorts, even for the first participants. This made the request to perpetuate pass because the token was not immediately negotiable.

Chain buyers received smooth fillings while participants in exchanges, including institutional traders, were sidelined.

The illusion of rarity has been maintained and the price was tightened up, while taking place on social networks.

However, not everyone was against the platform. While the criticisms criticized the sale of pump tokens as extractive and unfair, others have pushed back. The analyst and crypto influencer Ran Run Neuner argued that the vision of the project is neglected.

The influencer welcomed Pump.fun to be one of the few successful cryptography applications without collecting funds to create another application chain.

Instead, he uses funds to build a social network powered by memes that rivals directly with Meta and Tiktok while allowing users to monetize the memes of the first day.

The incident reflects an increasing tension between centralized exchanges (CEX) and the room sector even at the rapid pace.

Although the CEX provides a structure and access, the expectations of the community concerning transparency and fairness remain high, in particular in the speculative space of coins.

For Bybit, this episode suggests that even when a sale of tokens is technically successful, the perception is everything, and when the confidence of the retail is lost, no price pump can resolve the damage.

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