Forbes-listed young entrepreneur and crypto phenomenon Evan Luthra is preparing to file a lawsuit against the cryptocurrency exchange Bitget. Luthra claims that he suffered financial loss because of the stock market.
Evan Luthra seeks $16 million compensation from cryptocurrency exchange
The crypto money phenomenon with 100 followers recently claimed from his social media account that Bitget had unfairly frozen his account. Luthra stated that with this move, the stock market blocked access to $200,000 in assets. In return, the phenomenon demands $16 million compensation from Bitget.
https://twitter.com/EvanLuthra/status/1687485217299222529
The events started when Luthra joined the Reel Star project. Later, he sold most of the REELT tokens he obtained from there on Bitget. The crypto exchange froze Luthra’s account in April, suspecting that the sale might involve market manipulation.
Bitget spokespersons confirm that there is suspicion of manipulation of the Reel Star token behind what happened. They also noted that Luther was unable to provide a satisfactory answer to the questions. Luther, on the other hand, stated that the sales were to help other crypto projects.
Bitget executives countered
The General Manager of the exchange, Gracy Chen, stated that they were not aware of the incident. However, he stated that Luthra’s previous crypto fraudulent activities were exposed. Evan Luthra offers a different view for the stock market:
Finally, I asked Bitget $16,000,000 compensation for the damages and money they stole from me. They boldly disregard laws and regulations and continue their scams. But we will not stop. If you have money on Bitget, pull them out before you go.
https://twitter.com/EvanLuthra/status/1687485217299222529
Bitget lawsuit extends to April
Evan Luthra claimed to have lost more than $200,000 on Bitget again in April. In those days, he accused the exchange of deceiving its customers. According to Luthra, more than 300 people reported this scam to him. Some of them were unable to withdraw their funds or contact the Bitget team.
The cryptocurrency phenomenon also claims that Bitget has no founder and that a fictitious front business in Africa, where almost half of its funds are in its own cryptocurrency BGB, is finished. Also, according to Luthra, Bitget is totally dependent on paid advertising and marketing as it uses size.
https://twitter.com/EvanLuthra/status/1643184070224953346
The REELT team reportedly sold REELT tokens shortly after Bitget listed the cryptocurrency on March 23, prompting the exchange to suspect an exit scam. According to the platform, the big drop ended with the crypto’s price dropping 60%. Meanwhile, it has declined from its initial opening price of $0.07. According to additional data, REELT dropped 81% in eight hours. From $0.1507 to $0.02802 within hours.
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