Bybit support!

I am deeply frustrated with Bybit's handling of my 15 TON deposit, which has now been frozen for 22 days. This deposit was received as part of a Web3 reward program—a decentralized incentive mechanism that does not involve any manual deposit on my part. Instead of resolving the issue, Bybit has demonstrated a shocking lack of transparency and imposed impossible demands on me as the user.

Bybit claims that they received communication stating the funds were sent in error, yet they have failed to provide any evidence of this claim. If such a message truly exists, why hasn't Bybit shared it or taken it up with the sender instead of holding my funds hostage? This raises serious concerns about the legitimacy of their actions and the fairness of their processes.

Key Issues and concern:

1. Unreasonable Proof Requests
Bybit is demanding a screen recording showing login and withdrawal details from the source wallet or platform. This is completely irrelevant because:

I did not initiate the deposit.

I have no access to the sending wallet/platform as this was an automated Web3 reward.

All transaction details, including the TXID and origin, are already verifiable on the blockchain.

2. Lack of Transparency
Despite claiming the funds were sent in error, Bybit has provided zero evidence to back this assertion. If this claim is valid, why haven't they shared the alleged communication or worked with the sender to resolve the issue? Instead, they've chosen to penalize me without justification.

3. Violation of User Rights
Bybit's approach reflects a disregard for user rights and decentralized principles. Asking users to provide proof they cannot possibly produce while withholding their funds is both unfair and unethical.

Conclusion:

Bybit's actions are a clear breach of user trust. Their inability to resolve this issue after 22 days, combined with their lack of evidence and transparency, highlights a serious failure in their processes. If Bybit wants to remain competitive in the Web3 space, they must improve their understanding of decentralized transactions, adopt fairer policies, and treat their users with respect.

I strongly advise potential users to reconsider trusting Bybit with their funds, as their current practices show a lack of accountability and transparency. Until they address these issues, Bybit risks losing credibility in the Web3 ecosystem.

Bybit, stop penalizing your users for your shortcomings and resolve this matter immediately.

I want to make it clear that I will continue to share my experience with Bybit as a user until this matter is resolved transparently and fairly. However, I am open to adjusting my review if Bybit resolves this issue in a manner that reflects accountability and transparency.

Before i start to shed light on their scam operations let me tell you that ByBit is not licenced in a developed country with rules, laws and regulations unlike other crypto exchanges who are fully licenced in EU countries, US, Korea/Japan, UK and Commonwealth states where they are subject to audit and laws, Bybit who is ran by Chinese nationals, who just like the FTX scam decided to move to some lawless 3rd world country to start their operations, in the case of the FTX it was the Bahamas and for ByBit they chose the British Virgin Islands, and to hide this fact they moved their "head office" to Singapore and once they got shut down there due to shady dealings, and eventually banned from offering services to the US/Australia, they then moved their head office to UAE. Keep note that moving your "head office" in a particular country does not mean you are subject to their financial laws.

There are 3 main methods which bybit use to scam their customers from their funds, which are Price manipulation, stop loss hunting and Funding fee& funding interval.

1 - Price Manipulation
The purpose of this is to trap traders and liquidate their entire accounts by louring them into positions by manipulating the price action artificially, making traders feel bullish and where traders will leverage into a position only to get liquidated by a sudden move down, where not only ByBit collects the commissions but also their entire account balance.

2- Stop loss hunting
When you trade on a exchange where the exchange is more than a broker such as bybit, meaning the exchange itself also trades it self (which is illegal in the stock market and all regulated countries and financial companies) hence why they run their operations out of the British virgin islands, what this means is the exchange has a unfair advantage as it can see where its users open positions and where they place their stop loss, which is normally a protection mechanism against account liquidation (rules which do not apply top the exchange, as we saw with the FTX case" meaning by bit has unlimited leverage and totally risk free, it has unlimited funds to pump or dump the price to any level it wants, and when they know where traders place their stop loss, they will imply push the price past those points and stop out traders who are forced to pay a premium commission fee to the exchange.

Funding rate/interval manipulations.
Funding rate is the difference between the underlying asset and its derivatives pair in the perpetual futures market. To sum it up if funding is negative Short holders must pay a penalty to the long holders and vice versa, and the rate it self and intervals they get charged are purely at the digression of the exchange and they can change it to what they want when they want. So as ByBit illegally trades against its own users, what they do is when prices are very low, ByBit will fill large positions and they can only do this by dissuading other traders from buying at low prices not only to make sure they fill their own bags, but to make other traders buy at higher prices so they are easier to stop loss hunt but also to liquidate. In order to dissuade traders from buying the lows on assets which bybit is interested in, they will make the funding rate 2% and change the interval from the standard 8 hours to 4 or 2 hours, meaning if you open a long position which you intend to hold on to for a longer period, it will cost you 2% every 2 or 4 hours, potentially costing you 12%-24% per day to hold a long position. You can see this clear as they if you look up HIFI/USDT prep or TRB/USDT prep on byBit as they did the exact opposite of this, as when it was time to sell their large bags when prices were so high, they changed the funding rate to -2% and changed the interval from 8 hours to 2 and 4 hours respectively to dissuade traders from opening short trades, so they can sell their positions at good prices. As then shorts would have to pay 2% every 2 hours to long holders (bybit).

So finally i will say, after 4 years of trading on bybit my advice to you is DO NOT TRADE ON BYBIT, you will not see success, not because you don't know what their doing but because you would be trading on a unregulated un-audited exchange who has 0 legal risk of scamming you out of your money