Bitget CEO: Bitget is definitely not another FTX On September 24, Bitget CEO Gracy Chen (@GracyBitget) stated during a livestream that the collapse of FTX has left a very painful lesson for the entire crypto industry. She does not believe that large exchanges today would intentionally co-mingle or misappropriate user funds. She mentioned that Bitget currently has a disclosed protection fund exceeding $460 million, in addition to over $1 billion in platform-owned assets. User assets are backed 1:1 and can be verified through proof of reserves and other information. Gracy Chen emphasized that the approximately $300 million loss this time is still within Bitget's controllable range. The suspension of withdrawals is not due to financial issues but rather because the platform is concerned that reopening withdrawals before security issues are fully resolved could give attackers another opportunity to transfer funds. She stated, 'This is definitely not another FTX.' Source: Bitget