You can get to know someone well through long-term observation; however, if you want to quickly understand someone, showing them a flaw is more effective. Yet, revealing a flaw comes at a cost.

One of my mistakes exposed me to the ugly side of Bybit. Of course, the cost was high. To make the most of this costly experience, my top priority is to let more people know about Bybit's ugliness.

In terms of money, Bybit's ugliness is 200 times that of Gate; in terms of time, its ugliness is 10,000 times that of Gate. I feel bad for Gate and will compensate them later.

My Mistake Vs. Bybit's Handling

On June 19, 2024, at 11:55 AM, I mistakenly deposited USDe to Bybit's Arbitrum address, only to discover that the platform doesn't support USDe on this chain. I applied for a return.

Bybit then demanded a 200 USDT fee. I raised an objection, but customer service said there was no other way, and I had to accept it.

On July 12, 2024, at 6:41 PM, I received an email from Bybit saying the remaining funds had been transferred to my designated account.

So, after 553 hours and at the cost of 200 USDT, I recovered my funds.

How Competitors Handle It

You might also want to know how other CEXs handle such issues. Coincidentally, I have had similar experiences with Binance and Gate.

Here is a picture from early 2022, before Terra collapsed when UST was still a stablecoin. I made a mistake on Binance (without writing Memo) and applied for a return. The entire process took only 4 hours and cost 5 UST.

Another picture shows my experience with Gate at the beginning of 2024 when I made a mistake with a USDC deposit. The whole process only cost 1 USD, and the time could be measured in seconds.

Of course, these three refund incidents have some differences in detail, such as the Binance case being due to a missing Memo. The most comparable situation to Bybit's is the one with Gate.

The Ugly Side of Bybit

Beauty and ugliness are relative. By comparing how three centralized exchanges handled similar incidents, we can see which exchange is the ugliest and which is the most beautiful from a consumer's perspective.

Undoubtedly, Bybit is the ugliest: a refund cost the user 200 USD and took 553 hours (23 days).

Compared to Bybit, Gate is simply angelic: a refund cost the user 1 USD, and the time taken is negligible.

Therefore, my initial statement—that in terms of money, its ugliness is 200 times that of Gate; in terms of time, its ugliness is 10,000 times that of Gate—is not unfair to Bybit. On the contrary, it might be unfair to Gate, whose approach can be considered an industry benchmark (note: only referring to refund services).

Compensation for Gate

Through comparison, we inadvertently discovered Gate's integrity, making it a trustworthy exchange. However, remember not to put all your eggs in one basket, and the amount stored should not exceed 10%.

By joining Gate through my link, you can get a 30% rebate on transaction fees. Initially, I intended to give you the full amount, but Gate wouldn't allow it.

Gate has allocated 40% of commissions for promotions, and I set your rebate to the maximum of 30%. This should be the highest rebate rate for new users across the internet.

Conclusion

If you have had similar refund experiences with other exchanges, please let me know, and I will include them. If you have issues that need to be resolved, please tell me, and we will work together to seek justice.

[More content can be found at Airdrop Project Base]