Bybit disqualifies crypto team, calls it cheating

Bybit exchange announced that it has disqualified a team for cheating in the WSOT competition, which has a total prize pool of $8 million.

The team, named Apolloventures.cs, delivered a return of nearly 4200%, the statement said, even though it consisted of only 17 people. While it was said that the team manipulated coins with low transaction volume such as CEEK and ALPACA, it was written that it was disqualified.

DeFi^2, a trader on the Bybit exchange, said such transactions are easily detectable by referees, while the team’s main goal is to attract more users.

After recruiting more and more users through advertisements, it is claimed that these people are directed to paid transaction services through channels such as social media or Discord.

As per the Contest Rules, the Exchange reserves the right to disqualify any user or team it wishes. The rules also state that “Bybit reserves the right to disqualify any user involved in any unfair, fraudulent or abusive activity”.