Payel Dev Shorma, a user of the cryptocurrency exchange Bitget, reported experiencing a 25% loss of assets during the platform's BWB-to-BGB token swap. Additionally, Shorma faced a five-day account freeze. This statement was made on X on December 31, 2024.
"After swap $BWB to $BGB total loss 25% of my assets," said Dev Shorma. "They freeze our account for 5 days. Now, it's time to uninstall their exchange & wallet."
According to Shorma, Bitget administrators deleted their comments about the issue. "The admin just remove my comment," Shorma said in an X post. The user claimed that their feedback regarding problems encountered during the token swap was removed from the platform’s posts.
Bitget Token (BGB) is the native token of the Bitget cryptocurrency exchange, launched in 2021 as an ERC-20 token with a total supply of 2 billion. It is integrated into various features of the platform, including reduced trading fees and staking options. The token employs a buyback-and-burn mechanism to manage its supply.
Data from DeFiLlama indicates that 63.44% of Bitget’s token holdings, valued at $8.142 billion, are in its native token, BGB. In comparison, their Bitcoin holdings amount to $1.713 billion.
Similarly, Nansen reports that approximately 40% of Alameda Research's $14.6 billion in assets were held in FTX's native token, FTT. Additionally, it is noted that 280 million of the total 350 million FTT supply (80%) was controlled by FTX.
Shorma is a YouTuber and crypto investor who shares content on his channel @DSCryptoEarningBD, focusing on cryptocurrency earnings in Bangladesh. Based in Rajshahi, he is involved in the commercial and industrial crypto sectors.