Fraudulent practices are unfortunately not uncommon in the cryptocurrency industry, and there have been several high-profile cases of exchanges engaging in fraudulent activities such as hacking, theft, and market manipulation. However, whistleblowers within the crypto community have been at the forefront of flagging the corrupt and giving a heads-up to crypto enthusiasts. As an expert in cryptocurrency and blockchain, Evan Luthra is warning others about Bitget – a centralized exchange that has been involved in fraudulent practices.
According to Luthra, Bitget has been running a widespread scam and engaging in nefarious practices. Recently, Luthra had a terrible experience with Bitget when his tokens of $REELT, along with those of the team from “ReelStar,” were stolen by the exchange. Subsequently, Bitget began selling off the aforementioned tokens under their own name, which caused a significant drop in their market value.
Luthra has expressed apprehensions regarding Bitget’s activities, which seem to be overseen by a Chinese team functioning through an offshore entity situated in Seychelles. Additionally, they do not seem to have any office address.
He also highlighted that almost 50% of the Bitget reserves are in their own $BGB token, which they seem to be dumping onto their community. This reminds Luthra of the infamous ‘FTX’ exchange, which has also been exposed as a worldwide scam.
Based on his terrible experience with Bitget, Luthra recommends that people should not use centralized exchanges like Bitget to store their funds. Instead, he advises that users should opt for decentralized exchanges or hardware wallets, where they have complete control over their money. He also recommends doing due diligence, reading reviews, and steering clear of exchanges like Bitget that have proven themselves to be unscrupulous.
Evan Luthra believes that by promoting safe practices in crypto and helping new users navigate through the ups and downs of the market, the crypto community can protect hard-earned money by choosing reliable, trustworthy, and secure exchanges.