TechFlow news, March 16 — Bybit CEO Ben Zhou posted a response addressing allegations of market manipulation regarding the OIK token launch on Launchpool: "The project team allocated a total of 10 million OIK tokens for the Launchpool campaign. So far, 3.3 million have been distributed to over 90,000 participating users. The Launchpool event is still ongoing and will conclude on March 19, with 5.7 million tokens remaining to be distributed."
"Bybit would never sell off campaign budget tokens for profit. Such market manipulation carries serious legal consequences. Moreover, all budget funds remain in hot wallets subject to audit by any regulatory authority. Currently, it is evident that large amounts of OIK are being dumped on the market; our compliance team is actively investigating the details. Going forward, we plan to enhance transparency by using dedicated wallets to receive project budgets, enabling the community to clearly monitor fund flows."
Earlier, community members raised concerns, suggesting "Bybit is exploiting its own Launchpool as a cash extraction machine. SpaceNation, a project developed over one year, experienced a failed TGE. Over the past three days, the community has transitioned from outrage to skepticism and investigation, gathering evidence indicating that despite less than 5% of the token supply being sold by the community, an abnormal volume entered circulation immediately at launch, largely absorbed within the first 30 minutes by entities connected to the project."
