- Bitget FUD rumors have flooded social media.
- Gracy Chen assures users all is well at the company.
- Bitget reported strong growth last year.
The recent wave of bankruptcies among centralized exchanges has left an indelible mark on the crypto industry, wreaking havoc on victims who trust these platforms. Now, rumors are circulating that Seychelles-based Bitget is facing financial difficulties. However, Bitget’s managing director, Gracy Chen, has declared that all is well at the company.
FUD Less, Build More, Says Bitget MD
Addressing the rumors circulating on social media, Chen reassured the crypto community that “everything at Bitget is working well” and that funds remain safe. Chen further downplayed any talk of insolvency by explaining that the entire team is busy preparing for the coming bull run.
Despite the fear, uncertainty, and doubt (FUD) being sown on social media, Chen turned the situation around by mentioning that Bitget has expansion plans and is actively looking to recruit for over 100 job roles. She ended her message with “FUD less, BUIDL more.”
Social media is awash with rumors of trouble brewing at Bitget, including speculation that key executives, including company CEO Sandra Lou, have disappeared.
Insolvency Rumors
Rumors of the ongoing trouble at Bitget were summarized by crypto influencer MMCrypto, who acknowledged previously promoting the platform through his various channels. However, given the swirling rumors, he felt compelled to advise followers to withdraw funds held on the platform until more was known.
MMCrypto highlighted several posts from X users sounding the alarm on a raft of issues, including “the CEO and one other C level” going missing, “the exchange is crashing,” and comments on the Bitget app being removed from the Apple App Store.
In a statement to DailyCoin, a company spokesperson claimed that, as Gracy Chen stated on X, the rumors are “unfounded,” while directing people to the exchange’s latest Protection Fund Snapshot released on January 4th. The spokesperson added “Our latest Protection Fund snapshot is valued at $422 million on January 8, 2024, with a publicized wallet address verifiable on-chain. Our latest Proof-of-Reserves snapshot is at 175% as of January 4th, 2024, significantly higher than the industry standard of at least 100%.”
Sponsored
In regards to concerns around the exchange’s compliance, managing director Gracy Chen told DailyCoin that Bitget is “committed to compliance.” She emphasized that “our team is making substantial efforts to enhance compliance practices, collaborating closely with reputable AML service providers like Chainalysis.” Chen also acknowledged that the Bitget app is missing from the App Store, but reassured users that this was scheduled. Chen told DailyCoin: “Our technical team is engaged in an upgrade process, and we anticipate its prompt resumption. In the meantime, we suggest using our web version or Android app. We apologize for any inconvenience this may cause.”
Finally, DailyCoin asked for clarity regarding the status of Bitget CEO Sandra Lou. A Bitget spokesperson told us the following: “Sandra Lou is still with Bitget but doesn’t like to be in the public eye and has decided to be more withdrawn from social media. This is a role Gracy Chen fills for us. In per position as Managing Director, Gracy is responsible for representing the company in Sandra’s stead.”
On the Flipside
- Bitget reported a 94% increase in spot trading volume to $3.14 trillion for 2023.
- The crypto industry remains largely unregulated, with standards around transparency and disclosure still emerging. This enables unfounded rumors to proliferate.
- Centralized exchanges introduce inherent counterparty risk, forcing users to trust platform operators to manage funds properly.
Why This Matters
Despite the swirling rumors surrounding Bitget, Chen maintains that the company stands on firm ground. However, given the wounds of past exchange scandals, it should come as no surprise that unfounded rumors can blow up beyond proportion.
Read about Gracy Chen’s vision for Bitget growth in 2024 here:
Here’s How Bitget Plans to Build on Its 2023 Milestones
Find out more on the removal of exchange apps from the App Store here:
Apple Purges Crypto Exchange Apps from India’s App Store
