• Evan Luthra, a tech entrepreneur and serial crypto investor, has accused Bitget of being involved in a widespread scam.
• He raised several concerns about the company, including its anonymity and terms of service that could allow it to seize user funds.
• Luthra compared Bitget’s marketing strategy to that of FTX prior to its collapse and claims to have lost more than $2 million in FTX as well as $200,000 with Bitget.
Evan Luthra Accuses Bitget of Being Involved in a Scam
Tech entrepreneur and serial crypto investor Evan Luthra has accused Bitget, a leading cryptocurrency exchange, of being involved in a widespread scam. In a series of tweets, Luthra raised several concerns about the company, including the anonymity of its founder/CEO, the absence of a legitimate office address, and terms of service that potentially allow Bitget to freeze and take user funds. Further, he highlighted that nearly 50% ofBitget’s reserves are in its own token $BGB.
Parallel With FTX Before Its Collapse
Luthra compared this situation to FTX before its collapse drawing parallels between them two companies. He also pointed to a recent exploit in which over $8 million was lost suggesting it was an inside job rather than a genuine hack as centralized exchanges are not prone to hacking in the same way decentralized exchanges are. However this assertion is based on wrong information as it was BitKeep crypto wallet firm who was involved in the exploit not BitGet.
Marketing Strategy Called Into Question
Luthra claims that Bitgets marketing relies heavily on paid promotions and has little organic support with most followers being fake or bots comparing this strategy with FTX prior to its downfall. He also accused them for paying influencers and accounts for defaming him for dumping tokens rather than addressing his concerns directly. The tech entrepreneur claimed he had lost more than $2 million in FTX plus some $200k “stolen” byBit Get stating he invited their representatives for live discussion but only received lies instead.
Accomplishments & Involvement In Crypto Investments
A Forbes 30 under 30 winner Evan Luthra is an accredited angel investor having invested in wide range products from being first investor on social media platform Snapchat seed investor Hashgraph project Bored Ape Yacht Club NFTs among others he additionally is member Forbes Technology Council .
BitGet Responds To Allegations
BitGet responded officially addressing issue: “On March 31st we announced four accounts frozen temporarily for involvement suspicious activities all withdrawals deposits have been suspended pending investigation”