Crypto Exchanges Launch Investigations Amid Insider Manipulation Allegations

Major cryptocurrency exchanges Binance, Bitget, and Gate.io are conducting internal investigations into potential insider manipulation on their platforms.

According to blockchain investigator ZachXBT, insiders may have used these exchanges to orchestrate a massive short squeeze, which could have led to the recent market volatility.

The exchanges' responses were swift, with Binance's Gracy Chen confirming an internal probe within an hour of the allegations. Bitget's Richard Teng pledged to investigate 'all market misconduct', while Gate.io's Kevin Lee emphasized that they are 'already on it' and prioritizing user protection.