Member Article

Addressing FUD: Bitget Responds to a Crypto Influencer's Claims about His "Stolen" $200,000

We would like to address the recent FUD that has been circulating on social media platforms against our company. Last week, a crypto influencer stated on Twitter that Bitget froze his account and “stole” his $200,000 without any reason.

After our investigation, we believe the account mentioned has been involved in suspicious trading behaviors on Bitget.

On March 31st, we announced that four Bitget accounts have been temporarily frozen for involvement in suspicious trading behaviors. Specifically, we discovered four accounts associated with the REELT team (three market-maker accounts and one advisor account) sold more than 2 million REELT tokens soon after listing, leading to a 60% drop in the REELT price, as well as a number of complaints from the community.

Below is a screenshot of the influencer’s tweet, where he falsely claimed that his Bitget account was frozen before the trading of the REELT token started and Bitget sold the coins in his account. This misleading information resulted in a FUD.

The fact is, his account remained active until 2 hours after the REELT listing, and he admitted to dumping during our conversation with him. Within those 2 hours, he sold 1.18 million REELT and profited about 214,000 USDT. Considering he is an advisor of REELT, we found this dumping to be suspicious, which led us to temporarily freeze the account.

Below is a table that shows the total number of REELT tokens sold by the four accounts in the first 2 hours after listing. And the advisor account belongs to the influencer.
Once we noticed the suspicious dumping, we reached out to the crypto influencer and asked for an explanation. In response, he admitted to selling the tokens. However, when we asked for the reasons behind this abnormal behavior, we did not receive a satisfactory response.

Below is a screenshot of the communication between him (Influencer) and Bitget. Except for denying he is the one who dumped on his followers, there are many other misleading statements in the FUDs from this crypto influencer, trying to position himself as a victim, rather than the miscreant.

We value the contributions of crypto influencers in the industry and are committed to working with genuine individuals to help bring cryptocurrencies to the masses. However, it is disappointing to see a public figure who refers to himself as an influencer resorting to dishonorable methods, causing reputational and financial damage to the market.

We recognize the importance of taking appropriate measures in response to such activities, and we will cooperate with the relevant authorities to investigate if any illegal activity has been carried out, such as insider trading or price manipulation.

This was posted in Bdaily's Members' News section by Bitget .