Recently, some cryptocurrency KOLs accused certain exchanges of promoting contract trading to students through incentive rewards. Senior officials from Bybit and Bitget responded to the allegations after being named.
A user on X, known as “Zishi,” claimed today that Bybit entered campuses to hold a new user promotion event, encouraging students to “download Bybit for contract experience funds.” Zishi also accused Bitget of promoting through campus ambassador activities.
Brucexu.eth, co-founder of ETHPanda and LXDAO, stated that he learned from students that some centralized exchanges offer contract experience funds to students. These experience funds cannot be withdrawn, but any profits made through trading with the funds belong to the students, with some even able to earn “extra rewards for sharing screenshots of their profits in social circles.”
The related rumors sparked backlash from many in the cryptocurrency community, with some believing such practices could encourage gambling behavior among students or expose risk-averse students to high-leverage trading, potentially leading to losses and even debt.
According to official information, Bybit and Bitget have indeed recruited campus ambassadors, but whether the related programs operate as KOLs alleged remains to be verified. In response to these accusations, Bybit CEO Ben Zhou directly refuted them on social media, denying claims of reporting OKX and receiving listing fees, and demanded that the accusers provide evidence.
Bitget’s Chinese language head, Xie Jiayin, stated that their campus ambassador program aims to promote blockchain technology and provide internship opportunities for students. Although it involves commissions, they “have never encouraged contract trading or the distribution of contract experience funds.” The exchange has now fully suspended this activity and will proceed with a “Green Campus Program” to help students understand the Web3 industry and provide entrepreneurial support.
