Gracy

<p class="is-style-lead">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.</p> 
<p>On Jan. 10, multiple users on X claimed that senior Bitget executives had allegedly disappeared and that the exchange was suffering solvency issues. </p> 
<p>In the wake of widespread rumors questioning the financial stability of <a href="https://crypto.news/tag/bitget/" data-type="link" data-id="https://crypto.news/tag/bitget/">Bitget</a>, a cryptocurrency exchange and a web3 company, the company’s managing director, Gracy Chen, has come forward to categorically deny the claims.</p> 
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   <p lang="en" dir="ltr">Waiting for the good news about <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BitcoinETF</a>, then FUD comes again? 😂<br><br>Everything at <a href="https://twitter.com/hashtag/Bitget?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitget</a> 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…</p>— Gracy Chen @Bitget (@GracyBitget) <a href="https://twitter.com/GracyBitget/status/1745119894075826273?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 10, 2024</a>
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<p>Amid the uncertainty and speculation, particularly concerning the future of <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/" data-type="link" data-id="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/">Bitcoin ETFs</a>, Chen’s statement appears intended to reassure Bitget’s users and the broader crypto community that the exchange remains solvent. </p> 
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 <p>“Everything at Bitget is working well. Funds are safe, and the whole team is diligently preparing for the next bull run,”</p> <cite>Chen stated, addressing the concerns head-on.</cite>
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<p>Chen’s comments underscore the company’s recent growth, in particular its push towards greater human resources. </p> 
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 <p>“Thanks to our recent growth, we now have over 100+ positions open, including some senior and management roles.”</p> <cite>Bitget managing director Gracy Chen</cite>
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<p>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.</p> 
<p> You might also like: <a href="https://crypto.news/bitget-stacks-workforce-amid-growing-interest-in-bitcoin-brc-20-tokens/"> Bitget stacks workforce amid growing interest in Bitcoin, BRC-20 tokens </a> </p> 
<p>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. </p> 
<p>Bitget representative Karina Krupenchenkova confirmed Chen’s statement. </p> 
<h2 class="wp-block-heading" id="bitget-insolvency-rumors">Bitget insolvency rumors</h2> 
<p>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. </p> 
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   <p lang="en" dir="ltr">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. <br><br>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… <a href="https://t.co/4N2G2nFvJB" target="_blank">pic.twitter.com/4N2G2nFvJB</a></p>— MMCrypto (@MMCrypto) <a href="https://twitter.com/MMCrypto/status/1745178580068516050?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">January 10, 2024</a>
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<p>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. </p> 
<h2 class="wp-block-heading" id="bitget-releases-proof-of-reserves">Bitget releases proof-of-reserves</h2> 
<p>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 (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>), Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>), USDT, and USDC. </p> 
<p> Read more: <a href="https://crypto.news/bitget-reaffirms-reserve-strength-with-latest-por-ratio-of-175/"> Bitget reaffirms reserve strength with latest PoR ratio of 175% </a> </p>

Bitget executive dispels insolvency rumors

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