You have no basic understanding and yet you come here to speak at length!

Regarding the Bitget exchange, some people want to say that domestic exchanges are not compliant, but I can just ignore it. The reality is that if you encounter this lawyer's letter, my advice is to aim for a settlement and compensation if your connections are not very strong.
Based on the known situation, Bitget has personnel responsible for government relations who presented the lawyer's letter and reported it to the local public security bureau in a remote area. Under special care, they quickly froze the funds of the personnel related to Bitget's registration information and then sent a letter of assistance to the local police station where the defendant is located. In such cases, as long as it is within the country, it is usually handled without much trouble and then transferred to the reporting location.
At this time, if the connections are not strong enough, the local public security bureau basically decides your life and death; whether it is a crime can be determined with just one sentence. If the attitude is good, compensation and return of stolen property can be arranged along with uncertain national treatment, but if compensation is not possible, the prison term is likely to be capped.
However, if there are connections above that can influence the reporting location, and if one stubbornly wants to sue, it can usually be reported up, which will likely lead to a settlement. After all, exchanges cannot make too much noise, and high-level public security may pursue charges for illegal fundraising and fraud. The two parties might communicate about compensation through intermediaries, and the exchange might pay some negotiation fees to resolve the matter.
Now, the eight individuals named in the announcement are relying on community support and do not want to return; Xie Jiayin's attitude is not good either, so it seems unlikely that all eight will walk away unscathed. Just enjoy the drama without changing the current management situation of domestic cryptocurrencies. $BTC