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- 1 Bitget, the world leading cryptocurrency exchange platform, froze the account of Evan Luthra, destroying advisory relationships.
- 2 Evan Luthra, an influencer was disposing of ReelStar (REELT) Token and influencing followers to buy the tokens.
Bitget exchange froze Evan Luthra’s holdings in the REELT Token project. The incident took place on Tuesday after the Bitget exchange experienced Luthra may have been selling the tokens on the exchange. The REELT token was developed by RealStar, which is a startup ready to gain popularity in the crypto market. Freezing of Luthra’s account became the highlight of the day and attracted the interest of individuals towards the news.
What is the Main Cause for Luthra’s Account freeze?
After knowing that Evan Luthra’s account was frozen, the main concern that arises is, why Biget Exchange unlisted his account.
Evan Luthra, an entrepreneur and famous influencer with around 100,000 followers on Twitter, found his account blocked on the exchange platform. He confirmed the same on Tuesday, 1 July.
“Evan may have been trading the REELT Tokens over the exchange platform with open listing” stated the leading cryptocurrency exchange platform.
“The influencer acted in an unlawful behavior and the exchange will take help of relevant authorities to investigate the incident to find out the illegal activities carried out by Luthra”, Bitget exchange added. The only purpose of Bitget exchange with the action is to investigate and uncover illegal activities like insider trading or price manipulation running over the platform. Keeping all these considerations in mind, Bitget Exchange ceased Luthra’s exchange account.
What is Evan Luthra’s Retort on Bitget’s Action?
The action taken by the exchange is not digestible to Evan Luthra and he tried to put his views on Bitget’s allegation. “It is the responsibility of the firm’s advisory to build the firm’s popularity, and that is what I am doing through the REELT tokens”, Evan responded. REELT is a token designed by RealStar, a startup firm that raised $5 Million in an ICO in 2022 to design a social media app that could reward content producers with Crypto.
“I am a promoter of ReelStar company and was just obeying my duties to make the firm build a strong repo in the marketplace”, stated Evan. To do so, he sold his token on Bitget which is unethical as per Bitget exchange norms. This is the main reason for the account freeze of Avan Luthra.
“Bitget unlawfully restricted my account and poisoned my relationship with the project, resulting in advisory contract termination”, Luthra added. In October 2022, Luthra started his advisory business with ReelStar and was promised to get 150 Billion REELT tokens. He received 7.5 Million tokens before the listing and sold around 1.3 Million over Bitget and some on other exchanges like Gate and MEXC. The clash hasn’t ended and spilled over to Twitter and is expected to end with a proper investigation.
Conclusion
Bitget Exchange froze Evan Luthra’s exchange account for disobeying exchange rules. The exchange stated that Evan was trading the REELT Tokens over the exchange platform which is not acceptable as per the norms. In response, Evan replied that he is a promoter and advisor of the startup firm and was only following his duties. The battle spilled over Twitter and requires proper investigation to clarify the scenario.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
