Bybit CEO and co-founder Ben Zhou has strongly denied allegations that the crypto trade’s campus ambassador program inspired college students to obtain the Bybit app and take part in contract buying and selling, difficult naysayers to provide you with proof.
The accusations, most of which have been made on X (previously Twitter), have triggered a wider dialog concerning the ethics of crypto advertising techniques concentrating on college students and the rising rivalry between exchanges in China.
Blockbeats raises alarm over campus buying and selling promotions
The drama began within the early hours of April 14, 2025, after BlockBeats, a Chinese language-focused crypto and web3 information and observer platform, made a name to all main buying and selling platforms to cease selling contract expertise bonuses to varsity college students in an article and X put up.
Translated textual content of Blockbeats’ name to curb promoting buying and selling contracts to college students. Supply: Blockbeats
Blockbeats alleged that some crypto platforms have been issuing bonuses to college students, and given the mode of operation and the incentives connected, this system is inducing playing habits amongst college students.
Based on Blockbeats, these platforms goal school college students with weak threat consciousness and inadequate fund administration capabilities. The information weblog is bringing its remark to the crypto neighborhood and the general public at massive’s discover to lift consciousness concerning the concern and curb such actions earlier than they result in eventualities harking back to the controversial “bare mortgage.”
That notorious case noticed college students blackmailed with the express photographs that they had submitted as collateral for loans. Blockbeats is recalling that episode, arguing that it foresees an analogous future and urging stakeholders to withstand such habits.
Allegations and a request for proof
After Blockbeats’ put up, X person @silverfang88 made a put up written in Chinese language, claiming, “I simply discovered that Bybit went to high school and requested college students to obtain bybit to provide them a trial contract, after which invited a bunch of KOLs to Bali to close them up and report OKX pockets to the authorized division. They charged a 1.4m itemizing payment for every undertaking.”
In response, Zhou pushed again sharply, questioning the validity of the claims. “Which college permits college students to commerce contracts? Present the proof. Which authorized division reported the competitor? The place is the proof? Which coin has charged an inventory payment? Any proof?” Zhou wrote. “The cryptocurrency world is so chaotic due to idiots such as you who unfold rumors with none proof and fantasize day by day.”
CEO Ben Zhou responds to accusations naming Bybit’s involvement in providing commerce contracts to Chinese language college students. Supply: @benbybit (X/Twitter)
The allegations and Zhou’s rebuttal have fueled a wider debate round person acquisition practices employed by main crypto platforms. Business observers are questioning whether or not some exchanges are pushing the bounds of accountable advertising, particularly when partaking youthful, financially inexperienced customers.
Bitget responds, distances itself from controversy
Amid the controversy, one other main trade with a campus ambassador program, Bitget, issued a press release denying any involvement in providing contract expertise bonuses to college students.
Xie Jiayin, Bitget’s China lead, mentioned in a put up on X that “The Bitget Campus Ambassador Program goals to advertise blockchain expertise, popularize Web3 information, and supply internship and sensible alternatives for faculty college students.” He clarified that Bitget has by no means distributed contract expertise funds to college students by means of any channel or type.
Jiayin added that Bitget halted the promotion of contract rebates to varsity college students after they seen that it was misunderstood as contract incentives. He talked about that they rejected all functions made towards such promotions.
Based on Jiayin, their present focus and dealings with blockchain associations of assorted universities are to popularize Web3 business information and supply employment and internship steerage and alternatives. He additionally claimed these packages have helped 28 school college students safe jobs at Bitget.
Jiayin has additionally welcomed supervision of its packages and known as for reporting any of the alleged inducements to college students, including that they at Bitget will present a most reward of 1000 USDT whereas additionally critically coping with the matter. He additionally urged media platforms to be particular of their reporting, as phrases similar to “main buying and selling platforms” lump each platform collectively, which will be deceptive to the general public.
