"Blockchain investigator ZachXBT has publicly named Shawn Liu as the key operative running scam operations at Bitget behind the scenes, calling CEO Gracy Chen merely the face of the company. ZachXBT named Bitget founder Shawn Liu as the platform's actual leader, relegating current CEO Gracy Chen to a figurehead role. He also warned of an imminent escalation against the Chinese CEX cartel in the near future. Neither Bitget nor Shawn Liu has publicly responded to ZachXBT's allegations at press time."
"ZachXBT has escalated his long-running critique of Bitget even further, naming the firm's founder, Shawn Liu, as its real behind-the-scenes operator. He alleges Liu has enabled scam and manipulation activity on the platform for years, highlighting: Shawn Liu is the Bitget big boss who allows these scams to operate behind the scenes while Gracy Chen is only the face of it. The Chinese CEX cartel has gone unchallenged for years and doesn't care as long as they benefit from the activity."
"The pseudonymous digital crypto vigilante also publicly messaged Gracy Chen on X earlier this month, accusing exchanges of profiting from trading fees generated by manipulated tokens. CEXs need to freeze MM profits and distribute to users (victims) when these games happen, he posted in a direct challenge to Bitget's conduct that has gone unanswered. Image source: X"
"The Chinese CEX cartel framing refers to a cluster of Asian centralized exchanges, which ZachXBT argues knowingly profit from inflated trading volumes driven by insider-coordinated tokens (all while facing little to no accountability because no single regulator has moved decisively to shut the pattern down). The threat of escalation carries weight given his track record, as past investigations have included exposing"
Blockchain investigator ZachXBT publicly named Shawn Liu as the operative running scam operations at Bitget behind the scenes, while describing CEO Gracy Chen as only the face of the company. ZachXBT alleges Liu enabled scam and manipulation activity on the platform for years. He claims a Chinese CEX cartel has gone unchallenged because exchanges benefit from inflated trading volumes and face little accountability. ZachXBT also accused exchanges of profiting from trading fees generated by manipulated tokens and urged freezing market-making profits and distributing them to victims. Bitget and Shawn Liu had not publicly responded at the time of reporting. ZachXBT warned of an imminent escalation against the Chinese CEX cartel.
Read at news.bitcoin.com
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