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Cryptocurrency exchange Bybit has announced the completion of its PUMP token sale. The sale did not proceed as planned due to an unexpected API delay, resulting in oversubscription.
This resulted in some users receiving token allocations while others did not.
Bybit’s official statement stated that users who failed to receive an allocation will have their deposited funds fully refunded. It also noted that the final allocation results for users who subscribed but whose funds are still frozen are being reviewed.
Bybit made the following statement in its statement:
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.
It was reported that 15% of the total token supply would be distributed to users during the PUMP token launch event, but it appears only 12.5% has actually been distributed. The altcoin’s developers have not yet commented on the matter.
*This is not investment advice.
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