Bitget CEO Gracy Chen addressed concerns about the exchange's financial health following reports of a $1.5 billion loss.
Responding to Coinbase Director Conor Grogan’s Concerns
Chen’s statement was a response to concerns raised by Conor Grogan, who questioned potential financial risks for Bitget. Chen dismissed these concerns, affirming Bitget's strong financial management.
Clarification on Funds Lent to Bybit
A major question was whether Bitget used customer funds with Bybit. Chen clarified that the funds were Bitget’s own, not users’. Bitget reiterated that it operates with full financial reserves.
What Lies Ahead for Bybit and Market Conditions
Despite recent issues, Bybit is focused on stability and user trust. Bybit must reinforce security and transparency. The industry faces challenges, like the recent Ethereum hack, emphasizing the need for trust and security.
Bitget continues to assure users about the safety of their funds and transparency of its operations despite concerns raised by Bybit’s issues and overall market conditions.
