Recently, Bybit responded to the existing controversy in the industry related to the ownership of BIT tokens. Bybit’s Head of Communications, Igneus Terrenus, took to X (Twitter) to explain that Bybit has never launched BIT tokens. He pointed to the fact that BIT is the governance token of BitDAO and not the Bybit platform token.
Additionally, Terrenus stated that the BIT tokens owned by Alameda Research can currently undergo legal investigations and, therefore, cannot be transferred to MNT. This has raised questions in the Mantle community regarding the state of affairs of BIT tokens owned by the FTX Group.
Also Read: Bybit Exits Hong Kong Due to Increasing Regulatory Pressures
Mantle Governance recommends a new policy for moving tokens.
Due to this controversy, Mantle Governance has presented a new solution in the form of MIP-27 that seeks to provide solutions concerning migration terms of BIT tokens. This proposal follows policy MIP-22 and asserts that any major decision should be discussed and debated in the community. Due to the materiality of the issue, Mantle Governance has proposed a vote of the community to address the problem.
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Voting “Yes” on the proposal would suspend the current on-chain migration smart contract and approve the execution of a new one. This new mechanism would prevent FTX Group’s BIT tokens from automatically migrating until specific legal issues are resolved. Also, migration requests shall be permitted on a discretionary basis.
Bybit is actively engaged in discussions about mergers and acquisitions for global expansion. It began trading on February 3, 2022. On August 22, 2024, Bybit will open a new office in Amsterdam. This demonstrates its involvement in the European cryptocurrency market. Bybit is establishing itself as a significant crypto trading platform in the Dutch market. It emphasizes compliance, continuous development, and advancement.
Bybit’s new Amsterdam office underlines the company’s dedication to assisting the local crypto community. The exchange provides personalized chances and benefits to Dutch users via its localized portal, Bybit.nl, which has been operational since March 2024 in collaboration with SATOS. This platform offers Dutch-language assistance and services tailored to the rapidly increasing cryptocurrency sector in the Netherlands.
Conclusion
Bybit’s explanation of BIT token ownership, along with Mantle Governance’s proactive response to the migration problem, highlights the continuous difficulties of the crypto market. As Bybit grows globally, it stays committed to openness and community participation, ensuring its users are well-informed and supported.
Also Read: Massive $83M PEPE Coin Transfer from Bybit Spurs 16% Price Surge Amid Community Speculation
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.