WuBlockchain
Bitget CEO Gracy Chen said on September 24 that the FTX collapse was a hard lesson for the industry and that she does not believe major exchanges today would intentionally commingle customer funds. Bitget says it maintains a publicly verifiable protection fund of about $460 million, alongside more than $1 billion in exchange-owned assets separate from customer funds.
Why it matters
The comments frame user-fund separation and verifiable reserves as key measures for rebuilding confidence after FTX. Chen said Bitget backs user assets 1:1 and that customers can check the figures through proof-of-reserves and Merkle Tree data.
Market impact
The claims put Bitget's reserve disclosures and protection fund at the center of its exchange-safety pitch. Proof-of-reserves offers users a way to check reported backing, while the separate protection fund is presented as an additional layer of protection.
Frequently asked questions
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What did Bitget CEO Gracy Chen say about major exchanges and customer funds?
Chen said the FTX collapse was a hard lesson and that she does not believe major exchanges today would intentionally commingle customer funds.
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How large is the protection fund Bitget cited?
Bitget says it has a publicly verifiable protection fund of about $460 million.
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What does Bitget say about its exchange-owned assets?
The exchange says it holds more than $1 billion in Bitget-owned assets separately from customer funds.
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How does Bitget say users can check asset backing?
Bitget says users can check its 1:1 backing through proof-of-reserves and Merkle Tree data.
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Why does the statement reference the FTX collapse?
Chen described FTX's collapse as a hard lesson for the industry, framing fund separation and verifiable reserves as important exchange-safety measures.
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