Cryptocurrency exchange Bybit announced the conclusion of its PUMP token sale, which encountered unexpected issues related to an API delay.
Allocation Issues
Due to the API delays, the PUMP token sale was oversubscribed. This resulted in some users receiving tokens while others did not. Users who were unable to purchase tokens will have their funds fully refunded.
Bybit's Official Statement
Bybit released an official statement apologizing for the inconvenience. The statement read: "The PUMP token sale has concluded. Due to an unexpected API delay, the sale was oversubscribed. As a result, some users were successfully allocated, while others were not. We are reviewing the allocation results for users whose funds are still frozen. Users who were unable to purchase tokens will have all funds refunded in full. We sincerely apologize for the inconvenience and thank our community for their patience and support."
Token Distribution Data
Reports indicated that 15% of the total token supply was to be distributed to users during the PUMP launch event, but only 12.5% has been allocated. The developers of the altcoin have yet to comment on the situation.
The PUMP token sale situation underscores the importance of technological reliability in cryptocurrency projects. Users are seeking transparency and accountability from the exchange.
