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Bitget executive dispels insolvency rumors

bitget-exec-dispels-insolvency-rumors-spread-in-x
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Bitget executive dispels insolvency rumors

Bitget’s managing director, Gracy Chen, commented in an X post that rumors of the exchange’s insolvency and the departure of several key executives are not true.

On Jan. 10, multiple users on X claimed that senior Bitget executives had allegedly disappeared and that the exchange was suffering solvency issues.

In the wake of widespread rumors questioning the financial stability of Bitget, a cryptocurrency exchange and a web3 company, the company’s managing director, Gracy Chen, has come forward to categorically deny the claims.

https://twitter.com/GracyBitget/status/1745119894075826273

Amid the uncertainty and speculation, particularly concerning the future of Bitcoin ETFs, Chen’s statement appears intended to reassure Bitget’s users and the broader crypto community that the exchange remains solvent.

“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 comments underscore the company’s recent growth, in particular its push towards greater human resources.

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

Bitget managing director Gracy Chen

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

In her concluding remarks, Chen encouraged a positive outlook with a focus on building (BUIDL) rather than succumbing to market fears. “FUD less, BUIDL more,” she asserted, echoing statements often made by the former CEO of Binance Changpeng Zhao.

Bitget representative Karina Krupenchenkova confirmed Chen’s statement.

Bitget insolvency rumors

The claims proliferated after an X user @MMCrypto, known for previously promoting Bitget, speculated that C-level executives had departed and the company’s balance sheet may not be healthy.

The X user expressed concerns about the exchange based on information from various sources, with the user cautioning that Bitget may be in trouble. The user’s qualms seem to have been mitigated after Chen’s post dispelled the rumors.

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 holdings of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), USDT, and USDC.