2/ About half a year ago we tried HFT on Bitget and quickly noticed their matching engine is dishonest. I'll give specific examples later in the thread. I later learned from an ex-Bitget team member that they handled retail taker flow by just B-Booking through an internal desk.
3/ This is way worse than the usual allegations of CEXs having an internal MM desk. Masquerading as an order book exchange to your customers while you secretly use a different structure behind the scenes is unequivocally unethical. It's probably illegal in any jurisdiction.
4/ Furthermore, the motivation behind this dishonesty was profits. Retail flow, especially with copy trading amplifying the swings, is hugely profitable to trade against. Bitget did not onboard external MMs for a long time because they were profiting from the flow themselves.
5/ How am I confident this happened? A simple example: we would have an order out on the top of the book, and literally see trades executing at farther prices while our order chilled there. Anyone looking at the UI could've seen this at the time.
6/ I don't know if they've cleaned up their act since then, because we immediately ceased all operations on the exchange once we saw the sketchy behavior. Even if it's better now, the ethical concerns still stand. I wouldn't touch the exchange with a 10 foot pole.
7/ A project that thinks this is an acceptable way to run an exchange should not be getting more funding to expand. This is hard to see as an investor, so it's especially important that traders with first hand experience keep exchanges honest. The crypto space deserves better!
@chameleon_jeff Great job speaking up.
@chameleon_jeff Hey Jeff, thanks for your attention on Bitget! I noticed that you were questioning our match engine, but ours works exactly the same way as other major exchanges do. Maybe differ in efficiency, but they all work the same way :)
@GracyBitget Not just questioning the matching engine, rather the entire team and operation. Matching engine doesn't matter if you bypass it entirely Care to address the whole trading against your customers thing? Or freezing APIs and VIP tiers of profitable accounts?
@chameleon_jeff Ooooooooooof
@DaRealMilkBagz big oof
@chameleon_jeff Their fake perp OI said it all (didnt bother to collect any more fake data after a while). Completely stopped trading there when they claimed to have a similar aggregate OI to binance. 🤥
@AHA_Capital Nice graph. The gall of people lol. If you're gonna lie at least do it convincingly
@chameleon_jeff Well now it seems it’s a usual practice of a handshake deal no? Dragonfly invested in Bitget and Bitget invested in Dragonfly - “📍Bitget Launches $100M Web3 Fund in Asia The fund in Asia … inquiries already received from VCs including , Dragonfly Capital”
@0xAchelois Interesting, did not know that. Thanks for sharing
@chameleon_jeff @fuckyourputs Not surprising if you know hoseeb's history (Same with people at Delphi)
@chameleon_jeff Come to think of it, Luna and FTT both mega pumped before they imploded Feelin lucky?
@chameleon_jeff Any comment from dfly/ haseeb?
@chameleon_jeff There's a trend
@chameleon_jeff There is no better signal "effective altruist"
@chameleon_jeff Can we get a thread on MEXC too?
@chameleon_jeff Also wash trading is unbelievable high.
@chameleon_jeff In interviewed with bitget recently and it was the worst interview of my life, I don’t think they have half a brain collectively. Wouldn’t touch them
@chameleon_jeff tbh bitget is pretty sketchy
@chameleon_jeff Gj calling out scammy players
@chameleon_jeff Gracy Chen fires back 🤡 https://x.com/gracybitget/stat...
@chameleon_jeff Should we trust whether Deagonfly has done enough dd on Bitget 🤷
@chameleon_jeff @thismatbf avis ? 🥵🙀👎
@chameleon_jeff Three two one.... And the next currency based on flea farts and fairy dust goes up in flames.
@chameleon_jeff 当我用hype交易的时候当我用高的价格购买自动匹配低的价 确实如此