Bitget, a centralized crypto exchange based in Seychelles, intends to take legal action against two former employees, alleging that they disseminated false information that has tarnished the exchange’s reputation and that of its senior management.

According to an anonymous source, Bitget is preparing to file a lawsuit claiming that the rumors spread by two former employees, Sieger Joostens and Jakov Maršić, are unfounded allegations and constitute serious libel. The alleged false information has caused harm to Bitget, including potential financial losses and damage to its global reputation and goodwill.

Bitget has issued a letter to these former employees, urging them to promptly remove all false information from their devices, social media profiles, and the internet. It also demanded that these former employees indemnify Bitget for the expenses incurred in connection with this matter, including all associated legal costs.

The controversy surrounding Bitget began on January 10, 2024, when rumors emerged on social media platforms. These speculations included baseless allegations about the key executives and operations of the exchange. However, Bitget’s Managing Director, Gracy Chen, swiftly refuted these claims.

In her response shared on X (formerly Twitter), Gracy offered reassurance to the cryptocurrency community, emphasizing the stability of Bitget’s operations and the security of user funds. She highlighted that “everything at Bitget is working well.” She further explained that the Bitget team is actively preparing for the anticipated bull market, with expansion plans that encompass the recruitment of over 100 job roles, including some management positions.

Bitget’s monthly Proof of Reserves (PoR) report in January 2024 shows that the exchange maintains a total reserve ratio of 175%. According to Coinmarketcap’s data on January 23, Bitget’s total reserves surpassed $1.5 billion consisting of major cryptocurrencies such as BTC, ETH, USDT, and USDC, among others.