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Crypto Trader on Bybit’s dispute system failures: 'I’ve heard of many cases where they side with the wrong person!'

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Crypto Trader on Bybit’s dispute system failures: 'I’ve heard of many cases where they side with the wrong person!'
Web3/Crypto
Webp  10
Ben Zhou, CEO of Bybit | X

TradeRicch, a trader specializing in Contracts for Difference (CFDs) and Synthetic Indexes, has expressed concerns over Bybit's handling of peer-to-peer disputes. According to a statement made on X, TradeRicch alleges that Bybit often sides against legitimate users in cases involving repeat vendor scams.

"Be careful with Bybit P2P vendors," said TradeRicch. "Their scam tactics are getting more sophisticated. I bought USDT from a vendor who confirmed my payment before releasing the coins, only to wake up this morning and find an appeal from him in my email. I hope Bybit delivers justice to the right person because I've heard of many cases where they side with the wrong person!"

Bybit’s peer-to-peer (P2P) platform has recently been scrutinized following multiple scam incidents that have raised questions about user safety and dispute resolution. One notable case, referred to as the "Freda Incident," involved a Nigerian trader who claimed to have been defrauded within Bybit’s P2P system. This incident has led to calls for enhanced user protection and transparency. Cryptodamus has highlighted the vulnerabilities in the P2P ecosystem and emphasized Bybit’s responsibility to maintain platform integrity.

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According to Trustpilot reviews, negative feedback regarding Bybit’s P2P platform increased significantly by mid-2025. Users reported issues such as unresolved withdrawals, unresponsive customer support, and allegations that the platform favors scammers over legitimate users. Specific complaints included funds being frozen for extended periods without resolution and inadequate buyer protection measures.

A comparative analysis of P2P cryptocurrency platforms indicates that Bybit is less effective in resolving disputes compared to its peers. Approximately 28% of assets stolen during a hack in February 2025 were reportedly moved through P2P and Over-the-Counter (OTC) channels into mixers, making them untraceable. The CEO of Bybit confirmed that around 27.6% of the $1.4–$1.5 billion stolen were funneled into P2P routes and could not be traced or frozen, contrasting with lower percentages reported by other exchanges.

Bybit is a cryptocurrency exchange established in 2018, offering various trading services worldwide including spot, margin, futures, options, and peer-to-peer trading. In May 2022, France's financial regulator, the Autorité des Marchés Financiers (AMF), blacklisted Bybit for operating without authorization under French law. The AMF warned investors that Bybit was not registered as a Digital Asset Service Provider and retained the right to block its website.

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