Bybit CEO Responds to OIK Price Manipulation Concerns: Will Not Dump Event Budget for Profit, Open to Regulatory Audit

BlockBeats News, March 16th, Bybit CEO Ben Zhou responded to the Launchpool project OIK token dumping suspicion, stating, "OIK's launchpool event budget gave a total of 10 million tokens to the project team, with 3.3 million tokens already distributed. Over 90,000 users participated in the event, which is still ongoing. The event will conclude on March 19th, with 5.7 million tokens yet to be distributed. Bybit never engages in selling off the event budget for profit. Such market manipulation behavior carries serious legal consequences, and the budget is all in a hot wallet that can be audited by any regulatory authority. Currently, it appears that there are large holders dumping OIK within the ecosystem, and detailed investigations are being conducted by the compliance team. In the future, we are considering making our budget status more visible to the community by using an independent wallet to receive the project's budget, allowing the community to see it openly and transparently."

Previously, community users raised concerns, "Speculating that Bybit is using its Launchpool as an ATM for projects. The TGE of SpaceNation, which has been under development for a year, was a failure. However, in the past three days, the community, from anger to unwillingness to skepticism to investigation, has collected some evidence. A community sell-off of less than 5% of the project, with the project team accepting an excessive circulating supply within 30 minutes of trading."