CoinGape·3d ago·negative

Bybit Refunds All SpaceX IPO Subscriptions After xStocks Fails to Deliver

Bybit refunded all SpaceX IPO subscription funds after xStocks failed to deliver the underlying assets. Binance also canceled its IPO campaign, distributing $1 million in bStocks tokens to affected users.

Bybit refunded 100% of SpaceX IPO subscription funds after receiving no allocations from xStocks.
Binance also canceled its SpaceX IPO campaign due to circumstances outside its control, refunding all USDC.
Binance distributed $1 million in bStocks SpaceX tokens to participating users as compensation.
The SpaceX IPO was oversubscribed by more than 4 times, with shares opening at $150 on Nasdaq.
Binance founder CZ said: 'Protect users when things don't go as planned.'

exchangemarketImpact 6/10

Why our editor rated this negative

Negative for users who expected allocations and for the exchanges' reputation in tokenized IPO offerings. However, both exchanges handled refunds promptly, which is a positive safety outcome.

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