Bybit Receives Backlash Over PUMP Token Sale Mismanagement

Pump.fun’s PUMP token sale has become a reputational crisis for Bybit exchange and the Solana-based token launchpad.

While PUMP tokens sold out in a record 12 minutes, many users claim dissatisfaction, calling on the exchange to prove no crime was committed.

Bybit Under Fire Amid User Frustration

Despite being unavailable to users in the US and UK, the token sale attracted massive interest. Based on this, the PUMP token sale sold out in just 12 minutes. It raised $500 million and saw a 40% price surge in the following hours.

However, beneath the surface, frustration and accusations began to mount. Some users reported failed transactions, frozen funds, and what they claim was an unfair and opaque allocation process.

you guys got some explaining to do to prove no crime was committed.https://t.co/QYrsjHlMwb

— Abhi (@0xAbhiP) July 12, 2025

Bybit Exchange’s handling of the sale quickly came under fire following a wave of user complaints across X (formerly Twitter). In an official statement, Bybit said the sale was “oversubscribed due to an unexpected API delay.”

Resultantly, some users received allocations while others got refunds or were left with funds stuck in limbo.

“We sincerely apologize for any inconvenience caused and appreciate the patience and continued support of our community,” Bybit wrote.

Notwithstanding, the apology did not go far enough for many in the crypto community. Some users slammed Bybit for delayed communication. They compared Bybit’s responsiveness to how the exchange handled the landmark $1.5 billion hack in February.

Are they the same people who were goated with their communication during the bybit ETH hack ?