Foresight

Token

Evan

Gracy

April

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 Bitget, a cryptocurrency exchange, is said to have frozen Evan Luthra’s account in April for REELT token market manipulation concerns. 
 Crypto influencer Evan Luthra filed a complaint against cryptocurrency exchange Bitget for blocking his account following the release of a new token in March. 
 While Luthra attempted to get more information, he claimed that the exchange stopped his withdrawals and froze $200,000 in Tether USDT tickers down $1.00.&nbsp; 
 The ReelStar project Luthra is involved with provides the setting for these events. The firm ReelStar, creating a social networking app for producers, has hired the influencer as an advisor. 
 Luthra received REELT tokens, the project’s utility token, as payment. The influencer sold 1.3 million tickets on Bitget after it was listed. Following that, Luthra’s account was frozen due to allegations of market manipulation. In a blog post, Bitget explained the choice, stating: 
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 “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.” 
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 Luthra asserts his innocence by referencing the supposed clearance of his token sale plans by ReelStar CEO Navdeep Sharma.&nbsp; 
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 The influencer is currently suing for a massive $16 million in damages in addition to the $200,000 in his account. In his case, Bitget, Foresight Ventures, and its top executives are included. 
 Bitget’s managing director, Gracy Chen, stated that the exchange had already disclosed the results of its investigation into the suspicious activities and a compensation plan for more than 500 clients using both business cash and money from frozen transactions. 
 “At Bitget, user protection is our top priority. When we detect any illegal or fraudulent behaviors on our platform, we take immediate action,” she said in an Aug. 4 post, adding that the exchange had not been told of the lawsuit.  
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Influencer Sues Bitget Over ReelStar Token Listing Controversy

TheBitTimes

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