Bybit CEO and co-founder Ben Zhou has strongly denied allegations that the crypto exchange’s campus ambassador program encouraged students to download the Bybit app and participate in contract trading, challenging naysayers to come up with proof.
The accusations, most of which were made on X (formerly Twitter), have triggered a wider conversation about the ethics of crypto marketing tactics targeting students and the growing rivalry between exchanges in China.
Blockbeats raises alarm over campus trading promotions
The drama started in the early hours of April 14, 2025, after BlockBeats, a Chinese-focused crypto and web3 news and observer platform, made a call to all major trading platforms to stop promoting contract experience bonuses to college students in an article and X post.
Translated text of Blockbeats’ call to curb advertising trading contracts to students. Source: Blockbeats
Blockbeats alleged that some crypto platforms were issuing bonuses to students, and given the mode of operation and the incentives attached, the program is inducing gambling behavior among students.
According to Blockbeats, these platforms target college students with weak risk awareness and insufficient fund management capabilities. The news blog is bringing its observation to the crypto community and the public at large’s notice to raise awareness about the issue and curb such activities before they lead to eventualities reminiscent of the controversial “naked loan.”
That infamous case saw students blackmailed with the explicit images they had submitted as collateral for loans. Blockbeats is recalling that episode, arguing that it foresees a similar future and urging stakeholders to resist such behavior.
Allegations and a request for proof
After Blockbeats’ post, X user @silverfang88 made a post written in Chinese, claiming, “I just found out that Bybit went to school and asked students to download bybit to give them a trial contract, and then invited a bunch of KOLs to Bali to shut them up and report OKX wallet to the legal department. They charged a 1.4m listing fee for each project.”
In response, Zhou pushed back sharply, questioning the validity of the claims. “Which school allows students to trade contracts? Show the evidence. Which legal department reported the competitor? Where is the evidence? Which coin has charged a listing fee? Any evidence?” Zhou wrote. “The cryptocurrency world is so chaotic because of idiots like you who spread rumors without any evidence and fantasize every day.”
CEO Ben Zhou responds to accusations naming Bybit’s involvement in offering trade contracts to Chinese students. Source: @benbybit (X/Twitter)
The allegations and Zhou’s rebuttal have fueled a wider debate around user acquisition practices employed by major crypto platforms. Industry observers are questioning whether some exchanges are pushing the limits of responsible marketing, especially when engaging younger, financially inexperienced users.
Bitget responds, distances itself from controversy
Amid the controversy, another major exchange with a campus ambassador program, Bitget, issued a statement denying any involvement in offering contract experience bonuses to students.
Xie Jiayin, Bitget’s China lead, said in a post on X that “The Bitget Campus Ambassador Program aims to promote blockchain technology, popularize Web3 knowledge, and provide internship and practical opportunities for college students.” He clarified that Bitget has never distributed contract experience funds to students through any channel or form.
Jiayin added that Bitget halted the promotion of contract rebates to college students after they noticed that it was misunderstood as contract incentives. He mentioned that they rejected all applications made toward such promotions.
According to Jiayin, their current focus and dealings with blockchain associations of various universities are to popularize Web3 industry knowledge and provide employment and internship guidance and opportunities. He also claimed these programs have helped 28 college students secure jobs at Bitget.
Jiayin has also welcomed supervision of its programs and called for reporting any of the alleged inducements to students, adding that they at Bitget will provide a maximum reward of 1000 USDT while also seriously dealing with the matter. He also urged media platforms to be specific in their reporting, as phrases such as “major trading platforms” lump every platform together, which can be misleading to the public.
