Following the BGB crash earlier, the exchange platform Bitget has announced a 100% compensation to all affected users and investors.
Following a brief 50% decline in the value of its native token, BGB, cryptocurrency exchange Bitget has pledged to compensate its users. The company stated on Monday that it was expressing its regret for the operational disruption. After the Bitget token plummeted from $1.14 to $0.794, Bitget announced its intention to compensate users for their losses fully.
After the crash, the token remained volatile for approximately ten minutes before ultimately rebounding to $1.04. BGB was trading at $1.08 at the time of this article. It is worth noting that Bitget has yet to disclose the number of users impacted by the crash.
Bitget is committed to the comfort of its users
The exchange committed to disclosing the compensation plan’s specifics within 24 hours. It intends to conclude the compensation process within 72 hours after this is accomplished. Bitget reassured users in a subsequent post that it would persist in optimizing margin position levels, risk management measures, and liquidation mechanisms.
This guarantees a more stable and secure trading environment for users. Bitget CEO Gracy Chen stated that the organization will not permit any user to incur losses. Furthermore, she said that Bitget systems are not experiencing any complications. The cause of the crash is still unknown; however, it occurred only four months after the token reached an all-time high (ATH) of $1.48 in June. Since that time, BGB has experienced a decline of approximately 30%.
Chen also emphasized that the exchange’s global market price, which was 11%, has maintained its position as the fourth-ranking exchange in Q4 2024. The Bitget executive cited the exchange’s asset reserve, which has surpassed 176%, to alleviate users’ concerns further. Additionally, Bitget asserted that it maintains the second-largest protection fund.
In the past, OKB has experienced comparable price volatility on two separate occasions. The first was recorded on January 23, when the price plummeted to $48. On July 5, the cost of the item plummeted to $25, marking the second price volatility streak.
La Liga Appoints Bitget as its Official Crypto Partner
Bitget obtained a substantial sponsorship agreement with the Spanish football league La Liga last month. The exchange was designated as the league’s official crypto partner. This multi-million-dollar agreement enabled Bitget to capitalize on the latter’s popularity and the global community of football fans to promote the global adoption of cryptocurrency.
La Liga asserts that the agreement is consistent with its ongoing technological initiatives utilizing big data analytics, virtual reality (VR), and artificial intelligence (AI). These technologies are directed toward enhancing fan engagement and optimizing game performance.
Bitget is leveraging the partnership as a strategic initiative to fortify its brand presence in regions where football has generated significant interest. The exchange’s dedication to protecting its users is underscored by its recent initiative to implement a compensation plan.