Cryptocurrency exchange Bitget has terminated an employee for engaging in fraudulent activities involving its native token, BGB. The employee, identified as Arsen Koryak (also known as Walther Koriak), allegedly exploited his position as a business development manager for the CIS region to defraud participants of the affiliate program.
Key Takeaways
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Bitget has fired an employee for defrauding users in an affiliate program.
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The employee offered BGB tokens at a discount, pocketing the difference.
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Bitget is cooperating with law enforcement and offering compensation to victims.
The Fraudulent Scheme Uncovered
According to Bitget, Koryak approached members of the affiliate program in September 2025, offering them the opportunity to purchase Bitget Token (BGB) at a reduced price with an additional 10% bonus. He presented this as an exclusive offer from the platform.
However, Koryak instructed the victims to transfer funds to a Bitget UID that he personally controlled, misrepresenting it as the exchange's official wallet for the program. This allowed him to divert the funds for his own benefit.
Bitget's Response and Actions
Upon discovering the scheme, the employee reportedly confessed to his actions and promised to return the money, urging victims not to escalate the situation. However, he subsequently ceased communication.
Bitget stated that the first complaint was received in early October 2025. The exchange has since terminated Koryak's employment contract and issued a legal demand for him to cease his illicit activities and return the misappropriated funds.
The company has also announced its readiness to cooperate with law enforcement agencies and assist affected users in recovering their assets. Bitget mentioned that it may provide advance compensation if sufficient evidence is provided, with all claims undergoing verification to prevent duplicates and fraudulent applications.
"Bitget consistently adheres to the principles of honesty, transparency, and responsibility. We act promptly and decisively to protect the interests of our users and partners. The company maintains a zero-tolerance policy towards any form of fraud and misconduct," a Bitget representative told ForkLog.
Bitget encourages users to report any violations anonymously via whistleblowing@bitget.com.
Sources
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