Bitget exec dispels insolvency rumors spread on X

Bitget’s managing director, Gracy Chen, commented on an X post that discussed the insolvency of the exchange and the alleged disappearance of its key officials.

In the wake of widespread rumors questioning the financial stability of Bitget, a cryptocurrency exchange and a web 3, the company’s managing director, Gracy Chen, has come forward to deny these claims categorically.

Waiting for the good news about #BitcoinETF, then FUD comes again? 😂

Everything at #Bitget is working well. Funds are safe and the whole team is working hard to prepare for the next bull run. Thanks to our recent growth, we now have over 100+ positions open, including some…

— Gracy Chen @Bitget (@GracyBitget) January 10, 2024

Amidst a market rife with uncertainty and speculation, particularly concerning the future of Bitcoin ETFs, Chen’s statement offers a reassuring message to Bitget’s users and the broader crypto community.

“Everything at Bitget is working well. Funds are safe, and the whole team is diligently preparing for the next bull run,”

Chen stated, addressing the concerns head-on.

Chen’s comment also highlights the company’s recent growth trajectory.

“Thanks to our recent growth, we now have over 100+ positions open, including some senior and management roles.”

Bitget’s managing director Gracy Chen

The call for new hires, especially for senior and management roles, may reflect Bitget’s readiness to capitalize on the next market upswing related to Bitcoin ETF approval.

You might also like: Bitget stacks workforce amid growing interest in Bitcoin, BRC-20 tokens

In concluding remarks, Chen encouraged a positive outlook and a focus on building (BUIDL) rather than succumbing to market fears. “FUD less, BUIDL more,” she asserted, echoing former Binance’s CEO CZ’s statements.

In a comment to crypto.news, Bitget representative Karina Krupenchenkova confirmed that Chen’s statement is an official position of the company regarding the rumors.

Bitget insolvency rumors

On Jan. 10, multiple users on X claimed that senior Bitget executives had allegedly disappeared. The user called MMCrypto, known for previously promoting Bitget, summarized the multiple posts in one statement.

As I did promote Bitget in the past I feel it’s my responsibility to share the most recent information I got from different sources.

Please understand that I don’t want to make FUD and that nothing is confirmed. I however think that it may be smart to withdraw your funds, if… pic.twitter.com/4N2G2nFvJB

— MMCrypto (@MMCrypto) January 10, 2024

He expressed concerns about the exchange based on information from various sources. Emphasizing that his intention is not to spread fear, uncertainty, and doubt (FUD), MMcrypto suggested that users who feel uneasy might consider withdrawing their funds due to the unconfirmed evidence at hand.

MMcrypto also stated that he will cease promoting Bitget until the situation is resolved and has decided to distance himself from the exchange until more information is available.

However, later, MMcrypro cited Chen’s post and stated it calmed him down. He also invited any Bitget employee to reach out for clarification, indicating a willingness to reconsider their stance if the situation is satisfactorily explained.

Bitget releases proof-of-reserves

Earlier on Jan. 10, Bitget released its latest proof-of-reserves (PoR) report, showcasing a reserve ratio of 175%. As of Jan. 8, Bitget’s total reserves exceeded $1.8 billion, including cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.

Read more: Bitget reaffirms reserve strength with latest PoR ratio of 175%

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