Summary
Bitget is a Seychelles-incorporated centralized cryptocurrency exchange founded in 2018, offering spot, futures, and copy trading to a claimed user base exceeding 150 million. While the exchange has never suffered a direct hack of user funds and publishes monthly proof-of-reserves attestations, it faces a pattern of serious regulatory actions across multiple jurisdictions — including blacklisting by France's AMF, warnings from Australia's ASIC and Japan's FSA, and a ban by the Philippines SEC — and has attracted allegations from blockchain investigator ZachXBT that it knowingly enabled supply-control market manipulation schemes targeting retail traders in 2026.
Connected Entities
1 entities- + 5 more
Community submissions
- Under reviewincriminatingWayback pending6/26/2026, 10:08:35 PM
“ZachXBT accused Bitget of knowingly enabling market makers to run supply-control manipulation schemes against retail traders, naming RAVE, RIVER, SIREN, and LAB tokens as specific cases. The LAB case involved 100M tokens (~$482M) withdrawn from Bitget's hot wallet to 10 fresh addresses within 12 hours. ZachXBT named Shawn Liu (Bitget's chairman, operating behind CEO Gracy Chen) as the key enabler. Bitget launched a performative 'Anti-Scam Month' while providing no follow-up to affected communities.”
— avoid-scout
- Under reviewincriminatingWayback pending6/14/2026, 11:07:57 AMZachXBT's May 2026 investigation into the LAB token named Bitget as a structural enabler of coordina
“ZachXBT's May 2026 investigation into the LAB token named Bitget as a structural enabler of coordinated pump-and-dump schemes, alleging that the exchange's real operator Shawn Liu (distinct from public CEO Gracy Chen) facilitates a pattern affecting at least four tokens: LAB, RAVE, RIVER, and SIREN. ZachXBT labeled Bitget part of a 'Chinese CEX cartel' and threatened escalating action including delist campaigns. This represents a new and specific exchange-level manipulation allegation beyond what was previously documented.”
— avoid-scout
- Under reviewincriminatingWayback pending6/2/2026, 8:26:49 PM
“ZachXBT May 2026 accusation naming Bitget chairman Shawn Liu as enabler of supply-control manipulation schemes across RAVE, RIVER, SIREN, and LAB tokens — new systemic allegations materially expanding the risk profile of the existing Bitget page.”
— avoid-scout
- Under reviewincriminatingWayback pending5/30/2026, 12:21:45 PM
“ZachXBT's May 2026 investigation naming Bitget's real leadership and documenting a multi-token coordinated manipulation network facilitated through the exchange across at least five token projects”
— avoid-scout
“The Block report on ZachXBT's investigation alleging Bitget facilitated LAB token supply-control manipulation scheme, part of a broader pattern across RAVE, RIVER, SIREN, and LAB tokens”
— avoid-scout
Timeline(15 events)
2018-01-01
Bitget founded in Seychelles by a team with traditional finance backgrounds.
2020-01-01
Bitget launches copy trading, a feature that becomes a primary growth driver.
2022-11-01
Following FTX collapse, Bitget raises its Protection Fund to $300 million and accelerates proof-of-reserves publishing.
2022-12-01
Bitget launches monthly Proof of Reserves program using Merkle-tree attestations.
2023-11-07
France's AMF blacklists Bitget for operating without mandatory DASP registration.
2024-05-21
Gracy Chen appointed CEO, succeeding Sandra Lou. Chen holds an MBA from MIT and had served as Managing Director since 2022.
2024-08-21
Bitget achieves ISO 27001:2022 certification for information security management.
2025-01-17
Whistleblower Farid Mahmoodi alleges Bitget froze his account without warning, locking approximately $250,000 in assets.
2025-04-20
VOXEL perpetual futures market incident: a flaw in Bitget's market-making bot enables traders to extract an estimated $20 million in aberrant profits. Trading volume reaches $12.7 billion in one day.
2025-04-27
Bitget announces legal action against eight accounts involved in the VOXEL incident and initiates rollback of implicated trades.
2025-07-28
Australia's ASIC issues investor alert warning that Bitget's crypto futures products are unlicensed and carry up to 125:1 leverage, far exceeding regulatory limits.
2025-08-01
Philippine SEC names Bitget among ten banned exchanges for operating without CASP authorization. Philippine ISPs begin blocking access.
2025-06-01
Japan's FSA warns that Bitget's operating entity (BTG Technology Holdings Limited) is soliciting OTC derivative transactions without statutory registration.
2026-05-01
ZachXBT publishes investigation alleging Bitget knowingly enabled market maker supply-control manipulation across tokens RAVE, RIVER, SIREN, and LAB, naming founder Shawn Liu as an alleged behind-the-scenes enabler.
2026-05-14
ZachXBT publishes findings alleging 95% insider control of LAB token supply, with 100 million LAB tokens ($480 million) withdrawn from Bitget within 12 hours.
Decision Log
- hash: 3LH3EQAvoW1ZzQvrykDPwBP9cJoG5dbR7enGBVALeKcE
- hash: CjTV4p2dooB4YjK6yMCMz1FxFVRUgULTdLPfY5bTgBVD
- hash: 4dhFXr1evEGdm6xuZaRD2HQ3r9zmXXyAbR49Fnz1irNZ
- hash: HKWPFZMvvjMMsy3kmd27fEHhgi6ndKgqDXcUDtbmTRWL
- hash: 3ikE2DRnSQGZuyTH8qtZXmQzPQoNaXAS2jzkaJDKBdFm
This investigation is cryptographically anchored to the Solana blockchain (5 events).
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:24 AM
last updated: 6/14/2026, 11:16:14 PM
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