The Telegram game Notcoin deployed on the TON public chain went live on the 16th and opened for airdrop distribution. Unexpectedly, due to a large number of users wanting to claim the airdrop, Bybit exchange and Telegram wallet experienced malfunctions, and users were complaining about not receiving the airdrop. In order to appease the anger in the community, Bybit and Telegram wallet have introduced a compensation plan.
(Background: Notcoin Mining Round 2: Bybit offers over 790% annualized returns for staking $NOT, TG wallet offers free TON airdrop.)
Ever since its launch in early January this year, the Telegram game Notcoin has been highly sought after. On the 16th, it officially issued the token NOT and was listed for trading on 18 exchanges including Binance, OKEx, Bybit, Kucoin, Bitget, and others. Players can deposit the NOT airdrops they obtained through playing the game into exchanges or the Telegram wallet application.
It is worth noting that after Bybit went live with Notcoin on the 16th, possibly due to a large number of traders, Bybit’s matching engine was temporarily paralyzed. The trading price of Notcoin on Bybit was much lower than on other exchanges. Bybit users could only place market orders, and many users who deposited Notcoin airdrops into Bybit did not receive them in a timely manner, which sparked anger in the community.
Bybit apologizes and introduces a compensation plan
In response to this, Bybit CEO Ben Zhou issued an apology on the 16th, stating that Bybit’s wallet received approximately 370,000 on-chain transactions from Notcoin, and the excessive number of on-chain transactions caused deposit delays. However, all Notcoin deposits were credited later that day. Ben Zhou also announced the launch of a compensation plan on the 17th. Affected users of the NOT airdrop will receive 30 MNT airdrops, $50 in trial funds, and a three-month VIP +1 upgrade. For affected VIP users, additional trial funds of up to $500 will be provided based on their VIP level.
Telegram wallet also experienced malfunctions and introduced a compensation plan
Meanwhile, due to the overwhelming popularity of Notcoin deposit activities, the Telegram wallet also encountered problems. A large number of users in the official Telegram wallet community reported issues such as inability to use the wallet, not receiving Notcoin airdrops, and TON balances being reset.
The official Telegram wallet community announced on the 17th in a statement that due to over 200,000 users conducting Notcoin transactions through the Telegram wallet, their servers were overloaded and experienced malfunctions. Therefore, some restrictions must be implemented on the wallet’s functionality. On the 19th, Telegram wallet announced that the wallet functionality has been fully restored and all users can now use all the features of the wallet, including Notcoin conversion, withdrawals, and Wallet Earn activities. Telegram wallet also announced a compensation plan worth $10 million for affected users, including users who chose to receive Notcoin through the wallet, P2P traders, and Wallet Earn participants. Detailed information will be announced tomorrow, and payments will be made next week.
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