Bybit Refutes Allegations of $1.4 Million Listing Fee

Crypto exchange giant Bybit has refuted claims that it charges a $1.4 million fee for listing a token on its platform. The exchange underscores its dedication to maintaining a transparent and equitable process for listing new tokens.

In a statement released, an X user named Silver Fang, with over 110,000 followers, alleged that the crypto exchange demanded millions of dollars in listing fees from crypto projects. The user also claimed that the platform leveraged key opinions (KOLs) to suppress students from participating in its Campus Ambassador program.

Zhou Addresses Allegations

In response to the listing allegations, Ben Zhou, Bybit’s CEO, asked the infamous user to provide evidence backing the claims. The Bybit executive further asked the user some questions.

According to the report, Zhou asked what school allows students to trade contracts, what legal department reported the competitors, and what coin has charged a listing fee. He added that the crypto sector is chaotic because of false rumors.

“The cryptocurrency world is so chaotic because of idiots like you who spread rumors without any evidence and fantasize every day,” Zhou said.

In addition to the accusation, the account also shared details, noting that in 2024, the platform launched a Campus Ambassador program and claimed the issue stemmed from the initiative.

The Bybit CEO also addressed the allegations, demanding evidence to support the claims. At the time of this writing, the platform had not responded to the specific allegations concerning the ambassador. 

Hacker Exploits Bybit

In recent times, Bybit has faced several difficulties. On February 21, the exchange was hacked for approximately $1.4 million. Zhou noted that the hackers responsible for the hack used a Bitcoin mixer, sometimes called a tumbler. Bad actors use this tool to mix Bitcoin transactions to enhance transaction privacy.

Notably, the platform’s CEO listed some mixers used by these hackers, including Railgun, Wasabi, and TornadoCash. While he mentioned what was recovered, he noted that the exchange is partnering with blockchain experts to track the stolen funds. He also stated that the firm has initiated a recovery bounty program.

Despite facing several controversies, Bybit is steadily growing its international footprint. Last month, the crypto exchange giant secured an in-principle approval from regulatory authorities in the United Arab Emirates (UAE), representing a notable step forward in its ongoing efforts to strengthen compliance and operate within global regulatory frameworks.

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