Bitget

Bitget
Company typePrivate
IndustryCryptocurrency
Founded2018 (2018)
Headquarters
Unknown
Area served
Worldwide
Key people
Gracy Chen[1]
ProductsCryptocurrency exchange, cryptocurrencies
SubsidiariesBitget Wallet

Bitget is a centralized cryptocurrency exchange. The platform has faced regulatory warnings in several jurisdictions.[2][3][4]

History

Bitget was founded in 2018.[5]

In 2021, Bitget listed and promoted ARMY, a token named after the BTS fanbase.[6] According to The Korea Times, Bitget's promotional posts described the token as existing for the "benefit of BTS" and suggested it aimed to support BTS members financially "for life".[7] BTS's management company Hybe threatened legal action over its promotion. After that Singapore's financial regulator suspended Bitget in connection with allegations of misleading marketing related to ARMY token.[8] Bitget later announced it would delist ARMY and keep withdrawals open for a limited period.[9]

In 2022, cryptocurrency wallet BitKeep (later rebranded as Bitget Wallet[5]) reported multiple security incidents. On October 2022, BitKeep’s swap feature was exploited, resulting in losses of about US$1 million. Following a separate December 2022 hack linked to a counterfeit version of its app, BitKeep promised reimburse affected users in USDT, paying back in split schedule. Blockchain security firm PeckShield estimated total losses from the December incident at about US$8 million.[10] In March 2023, Bitget acquired BitKeep, a non-custodial wallet, and rebrand as Bitget Wallet following a $30 million fundraise while undergoing management and security changes as part of the rebranding.[11]

In 2023, Bitget's Hong Kong-based subsidiary BitgetX (BGX) ceased operations and withdraw from the jurisdiction. OSL later said it had reached an agreement with BGX and would use about HK$710 million in net proceeds for regulated subsidiaries and working capital.[12][13] BGX denied affiliation with Bitget, while acknowledging a common shareholder and shared former CEO Pan Zhiyong.[14]

On May 2023, Bitget halted a pilot integration of ChatGPT into its customer service workflow after the system produced misleading or incomplete responses to user inquiries. Management of the company warning that relying solely on A.I. for decision-making was “very dangerous”. The exchange suspended the experiment after two weeks when most users who tried it reported a negative experience.[15]

In 2025, during the Bybit hack, to aid Bybit customer withdrawals, an entity transferred 40,000 ETH (US$100 million) from Bitget cold wallet. Arkham Intelligence revealed that Bybit received over 88,000 ETH from Bitget and Binance addresses, then paid back the borrowed amount in a week.[16][17]

See also

References

  1. ^ Lang, Hannah (14 July 2025). "Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners". Reuters.
  2. ^ "Investor alert: ASIC warns investors of Bitget's unlicensed crypto asset futures products". Australian Securities and Investments Commission. 28 July 2025. Retrieved 5 January 2026.
  3. ^ "bitget.com: BaFin investigates the company BG Limited". BaFin. Archived from the original on 9 September 2024. Retrieved 6 March 2026.
  4. ^ "The AMF reminds the public that the cryptoasset trading platform BITGET is blacklisted". AMF. Retrieved 6 March 2026.
  5. ^ a b Кузьмичева, Анастасия (26 December 2024). "Токен биржи Bitget вышел в лидеры по росту в 2024 году. Как это произошло". RBK Group.
  6. ^ Berger, Miriam (7 December 2021). "Singapore suspends cryptocurrency exchange accused of misleading BTS fans". The Washington Post. Retrieved 9 January 2026.
  7. ^ Park, Jae-hyuk (29 October 2021). "'Army Coin' irks BTS agency in talks with Upbit operator". The Korea Times. Retrieved 11 January 2026.
  8. ^ Ni, Vincent (5 December 2021). "Singapore suspends crypto exchange over row with K-pop band BTS". The Guardian. Retrieved 9 January 2026.
  9. ^ "Bitget Will Delist ARMY on December 3, 2021". Bitget Support Center. 1 December 2021. Retrieved 11 January 2026.
  10. ^ More, Anviksha (19 January 2023). "BitKeep to Reimburse Hacking Victims by March". BankInfoSecurity. Information Security Media Group (ISMG). Retrieved 6 March 2026.
  11. ^ PTI (30 March 2023). "BitKeep Rebrands As Bitget Wallet After Acquisition". The Times of India. Retrieved 16 March 2026.
  12. ^ "BC Technology Group circular (subscription agreement with BGX)" (PDF). HKEXnews.
  13. ^ "BC Technology Group Limited — Circular (Subscription Agreement with BGX)" (PDF). Hong Kong Exchanges and Clearing Limited. 18 December 2023. Retrieved 11 January 2026.
  14. ^ Shen, Xinmei (15 November 2023). "Owner of Hong Kong crypto exchange OSL gets US$91 million from firm linked to Bitget, which is exiting the market". South China Morning Post. Retrieved 1 November 2024.
  15. ^ Schwartz, Leo (30 May 2023). "As crypto embraces A.I., a major exchange scraps its ChatGPT integration because 'it's very dangerous'". Fortune. Retrieved 6 March 2026.
  16. ^ Irabor, Edison (18 April 2025). "Why Collaboration is Vital in the Crypto Industry: The Bybit Hack and Bitget $106million Example". Crypto Asset Buyer. Retrieved 16 March 2026.
  17. ^ "Bybit exchange repays 40,000 ETH post-hack loan from Bitget - Cryptopolitan". www.cryptopolitan.com. Retrieved 16 March 2026.

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