Bybit Launches Another MoonCarl Token Following 30% Workforce Cuts, CEO Defends Choice

moon token
  • The crypto community is in uproar at the listing of a Twitter influencer’s second token
  • MoonCarl, AKA Carl Runefelt, previously released the Kasta token, which is down almost 98% since its launch

Following Bybit’s announcement regarding its 30% workforce cuts, the company has come under fire from the Crypto Twitter community.

Bybit is exclusively listing the Medieval Empires ($MEE) token via the Bybit Launchpad, but this is the second token launch by known Twitter influencer MoonCarl, AKA Carl Runefelt.

Runefelt launched the $KASTA token at the beginning of January 2022 with an entry price of $1.19. $KASTA never again reached this price and traded 20% each way for a week before plummeting to $0.15 at the beginning of May. It trades at just $0.03 at presstime, ranked #1160 on Coingecko.

$KASTA is trading at just $0.03, a fraction of its launch price. Source: CoinGecko

The Crypto Twitter Community Hasn’t Forgotten

Popular Crypto Twitter influencers have berated Bybit CEO Ben Zhou for launching another token that is seemingly a ‘rug.’

Zhou defends his partnership with Carl Runefelt, describing him as their ‘partner from the beginning’ and claiming that many projects dipped in this bear market. The community has responded with outrage. Many community members are angry at Bybit for their continued support for the questionable influencer:

@cobie also says that Runefelt quit the Kasta team after five weeks and that 95% of the tokens are ‘owned by insiders.’ Despite Bybit having what is claimed to be a ‘low standard for asset listings,’ @cobie does say that Bybit is ‘generally decent’.

This all comes at a bad time for Bybit. They were one of two exchanges to recently announce layoffs of over 30% due to the worsening market conditions.

It’s clear that the community is still feeling the pain from the failure of one of many promoted tokens and the overall bear market, as winter months bring turbulent times to the crypto industry.

On the Flipside

  • Bybit lists many tokens, and new tokens are often available for leverage trading despite not being ‘proven.’  Bybit recently announced in their proof-of-reserves that they hold over 366.68 billion Shiba Inu tokens at a 1:1 ratio with customer deposits of $1.8 billion.

Why You Should Care

The community is still hurt from recent events, and trust in centralised exchanges is waning. Any misdemeanour that may have gone unnoticed in a bear market is amplified in today’s market conditions. Exchanges are doing what they can to reassure investors, but worsening news regarding insolvencies is continuing to plague the market.

 

Leading exchanges post their total assets:

Binance, Bybit and Kucoin All Post Reserves with Millions of Dollars in Shiba Inu

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

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Zack Dadfar

Zack is a Crypto writer and trader, having been trading digital assets since 2017. Throughout time his portfolio and knowledge has grown, leading him down the writing path. With multiple project launches under his belt (NFTs and DeFi), and a degree in English Literature, Zack is excited to be combining his skills and passions to write for DailyCoin readers.