Blockchain investigator ZachXBT has publicly named Shawn Liu as the key operative running scam operations at Bitget behind the scenes, escalating his long-running critique of the Chinese exchange. In a series of posts, ZachXBT referred to CEO Gracy Chen as merely “the face” of the company and warned of an escalation against what he called the Chinese CEX “cartel.”
The accusation
ZachXBT identified Liu as the person actually steering the exchange’s day-to-day operations, including what the investigator described as scam-related activity. The naming marks a direct challenge to Bitget’s public narrative — until now, the exchange has presented Chen as its top executive. Bitget is a Chinese centralized exchange, and the investigator’s post cast Liu as the founder pulling the strings.
A ‘face’ and a founder
By calling Gracy Chen “the face,” ZachXBT suggested her role is largely ceremonial, with real power concentrated elsewhere. That framing cuts against the image Bitget has cultivated since Chen took the CEO role. The exchange has not commented publicly on the investigator’s claims. The timing is awkward: Bitget has been pushing for mainstream credibility, and having its founder publicly tied to scam operations doesn’t help.
What’s next
ZachXBT warned that this is just the beginning — he plans to escalate against what he termed the Chinese CEX “cartel.” He didn’t release additional evidence alongside the naming, but the threat suggests he may have more information on Liu or other exchanges. Bitget hasn’t responded to requests for comment. Whether the exchange issues a denial or stays silent, the spotlight isn’t moving anywhere soon.
