Bitget CEO: Bitget is definitely not another FTX
On September 24, Bitget CEO Gracy Chen said during a livestream that the collapse of FTX left the entire crypto industry with a very painful lesson. She does not believe that today’s major exchanges would still deliberately mix or misuse users’ funds. She stated that Bitget currently publicly discloses a protection fund of more than $460 million, and in addition, it has more than $1 billion in the platform’s own assets. Users’ assets are matched 1:1 and can be verified through information such as proof of reserves.
Gracy Chen said that the estimated loss of about $300 million is still within Bitget’s controllable range. The suspension of withdrawals is not due to a funding issue, but because the platform is concerned that before security issues have been ruled out, reopening withdrawals could give attackers another chance to move funds out. She said, “This is absolutely not another FTX.”
Source: Bitget
On September 24, Bitget CEO Gracy Chen said during a livestream that the collapse of FTX left the entire crypto industry with a very painful lesson. She does not believe that today’s major exchanges would still deliberately mix or misuse users’ funds. She stated that Bitget currently publicly discloses a protection fund of more than $460 million, and in addition, it has more than $1 billion in the platform’s own assets. Users’ assets are matched 1:1 and can be verified through information such as proof of reserves.
Gracy Chen said that the estimated loss of about $300 million is still within Bitget’s controllable range. The suspension of withdrawals is not due to a funding issue, but because the platform is concerned that before security issues have been ruled out, reopening withdrawals could give attackers another chance to move funds out. She said, “This is absolutely not another FTX.”
Source: Bitget