Bibit receives backlash on improper management of pump token sales

Pump.Fun’s pump token sales are at a reputational crisis for Bibit Exchange and Solana-based token launchpad.

The pump token sold out in a record 12 minutes, but many users have alleged their complaints and are calling for exchanges to prove that no crime has been committed.

In user frustration, under fire,

Despite the unavailability to US and UK users, the token sale has attracted a lot of attention. Based on this, the pump token sales sold out in just 12 minutes. It raised $500 million and the price surged by 40% in the next hour.

But beneath the surface, frustration and accusations began to increase. Some users reported that they claimed that transaction failures, the freeze funds and what they alleged were an unfair and opaque allocation process.

Following a wave of user complaints across X (formerly Twitter), Bibit Exchange sales handling was quickly fired. In an official statement, Bybit said the sale was “overregistered due to unexpected API delays.”

As a result, some users received their allocations, while others received a refund or had cluttered funds left in Limbo.

“We sincerely apologize for the inconvenience and for our gratitude for the community’s patience and continued support,” Bybit wrote.

Nevertheless, the apology has not progressed well for many in the crypto community. Some users have accused BYBIT of delaying communication. They compared Bybit’s responsiveness to how the exchange handled the landmark $1.5 billion hack in February.

Several users shared video evidence indicating that they placed their order within the first seconds of the sale being published, but still received a refund. Meanwhile, others who seemed to have ordered later received the token.

Against this background, users request a timestamp audit with transaction details to prove fairness.

The harshest criticism came from crypto commentator Abhi (@0xabhip), who denounced both Bibit and pump, potentially illegal beings.

“Bibit & Pump.Fun $$POMP PRESALE>user bought within seconds>sudden ‘API delay’>random hit>ignoring legal early orders, funds got stuck, zero transparency, chaos comms>ct furious, forever trusted,” posted Abhi. “The shame of pumps and bibits for lagging users,” said the founder of Crypto.

Some call it “central rugs,” where users withdraw funds, remove apps, and swear they won’t use the platform again.

Was the incident a designed rarity?

Some traders have called masterclasses of rarity designed elsewhere, noting that Bybit and pump.fun kept everyone in the dark.

“Fake rarity has been achieved. ShortSqueeze.exe,” Moshi said.

According to MOSI, popular users of X, Bybit and Pump.Fun did not disclose whether the percentage of token supply would be allocated to each venue on the chain or centralized.

Users are citing the Delta-Neutral Fund, which shorts the $5 billion valuation mark to mediate the price gap for Spot-Perps, in the hopes of purchasing spot tokens on Bybit for hedging.

However, if the exchange had little to fill the allocation, these sophisticated players were forced to cover the shorts at an upward price, even early participants. This caused demand to shift forever as the tokens were not traded immediately.

On-chain buyers received a smooth fill, but exchange participants, including traders at the institution, were sidelined.

The fantasies of rarity remained, prices narrowed upwards, and during that time Chaos unfolded on social media.

But not everyone is against the platform. Critics accused the sale of pump tokens of extraction and unfairness, but others pushed back. Analysts and Crypto influencer Ran Neuner claimed that the vision of the project was overlooked.

The influencers praised it as one of the few successful crypto apps that have not raised funds to build another app chain.

Instead, they use funds to build a meme-driven social network that competes directly with Meta and Tiktok, allowing users to monetize memes from day one.

The incident reflects the growing tension between centralized exchange (CEXS) and the fast-paced memecoin sector.

CEXS offers structure and access, but community expectations for transparency and equity remain high, especially in the speculative memecoin space.

In the case of Bibit, this episode suggests that even if the token sales are technically successful, recognition is all about and that when retail trust is lost, the price pump cannot correct the damage.

Post Bybit has received a backlash over Pump Token Sale’s fraud management.