Bybit Reverses PAWS Airdrop Due to Errors by Bybit
The PAWS token launch has been marked by delays and distribution errors, but Bybit has assured users that the issues are being addressed, and the token's listing is still on track, with deposits starting on centralized exchanges and a potential price rise predicted by some users.
Bybit has reversed the PAWS airdrop due to errors in distribution, causing confusion among users who received incorrect allocations or no tokens despite meeting the criteria, with some users receiving two to five times their expected allocation.
The airdrop, meant to reward early community engagement, was marred by inconsistencies, with Bybit citing errors in the distribution process and assuring users that tokens had not been lost but were being reallocated. The exchange also cited compliance with European regulations, excluding users from the European Economic Area (EEA) due to MiCA requirements.
The PAWS token launch, delayed multiple times, is now set for April 16, 2025, with users advised to verify their status through official channels. The airdrop will distribute 50 billion tokens, with 62.5% of the total supply going to users, and the initial price is expected to be between $0.007 and $0.008.
The reversal of the airdrop has raised concerns about Bybit's handling of the distribution, but the exchange has assured users that the token's listing is still on track, and deposits have started on centralized exchanges ahead of the launch, with some users predicting a potential price rise to $0.012-$0.015 if listed on more platforms.