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On April 20, the BG exchange system suddenly collapsed, causing the price of the virtual currency VOXEL/USDT to plummet.

Many players took the opportunity to use regular orders to arbitrage and made a quick buck.

As a result, the exchange sent a lawyer's letter, threatening players to return the money within 24 hours, otherwise they would call the police and arrest them?

This wave of operations made netizens drop their jaws: ​​The platform's own system crashed, but it blamed the players for taking advantage of it? ​​



1. How outrageous is this wave of operations?

The platform is failing and blaming the players
The exchange’s own system is full of loopholes, prices collapsed, and then they turned the tables and accused the players of “stealing”?

Normal order trading = stealing money? So users deserve to lose money, but those who make money should go to jail?

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No legal bottom line
Domestic laws do not recognize virtual currency transactions at all. BG's own operation in China is crossing the red line.

Now they are using criminal law as a threat, so even buying a bottle of water on the black market requires you to kneel down and apologize?

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Users have to bear the brunt of the loss
Previously, users’ principal was “rolled back to zero” by the system, and now they are being chased for the money they earned.

Netizens commented: "Those who lose money are leeks, and those who make money are robbers." The rules of the cryptocurrency circle are indeed different.


2. The legal risks have long been confirmed!

Virtual currency transactions are prohibited in China

BG Exchange should have been shut down long ago, how dare it still act so arrogantly?

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Guangzhou Court made it clear

If you lose money playing with virtual currency, you will have to bear it yourself. Exchanges that operate illegally will not be protected.

Suing users is just nitpicking

The lawyer’s letter is probably a “paper tiger” that cannot actually recover the money, but instead exposes the exchange’s guilty conscience


3. Netizens went wild: This operation is too cool!

“It is recommended that the exchange self-destruct first”

You make the market and bet against your users. If you lose, you pass the buck. If you make money, you play dead?

“It is recommended to change the name to ‘Porcelain Bumping Exchange’”​​

The system crashed and the players were blamed, but they were the ones being ripped off. It's outrageous!

​​"Report to the police directly about exchange fraud"​​

The last wave of money before running away, users become cannon fodder



4. When encountering such a situation, should you be timid or brave?

1. Get a refund quickly to ensure safety​​

Reason: BG is backed by Shanghai Capital, which has a strong background. If it goes to court, its assets may be frozen.

Risks: After you withdraw your money, you may be blacklisted, making it more difficult to defend your rights in the future.


2. Fight to the end to expose the shady dealings​​

Operation: Organize chat records, transaction screenshots, and report to the Internet police and media (refer to the Japanese Stock Exchange fraud case

Advantages: By involving other victims, collective rights protection may cause the exchange to fail.

Risks: The exchange may use its connections to suppress or even threaten personal safety.


Summary: There is no "leek protection law" in the cryptocurrency circle

The essence of BG Exchange's outrageous operations is the bandit logic of "if you lose, it's the user's stupidity, if you win, it's the platform's fraud".

​​Suggestions​​:

1. Ordinary users should stay away from all virtual currency transactions, especially domestic platforms

2. If you have fallen into a trap, save your money first and then consider reporting it. After all, life is more important than money.

3. If this gets out, all the leeks will have to bring lawyers with them when they play in the cryptocurrency world!