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Bitget has revealed its users who were affected by the 50% drop in BGB will be compensated soon.
Key Notes
Bitget native token BGB fell by 50% earlier today.The exchange has confirmed a palliative for affected users or investors.The trading platform is showcasing its robust liquidity to avert unforeseen market scenarios.Following a brief 50% crash of its native token BGB BGB $1.06 24h volatility: 0.4% Market cap: $1.49 B Vol. 24h: $5.52 M , cryptocurrency exchange Bitget has promised to compensate its users. On Monday, the firm issued a statement apologizing for the disruption in its operation. Then, Bitget announced the decision to fully cover users’ losses after the Bitget token plunged from $1.14 to $0.794.
The token stayed volatile after the crash for about ten minutes before it finally rebounded to $1.04. At the time of writing this article, BGB was trading at $1.08. Notably, Bitget has yet to release the total number of users affected by the crash.
Bitget Pursue’s Users Comfort
The exchange promised to release details of the compensation plan within 24 hours. Once this is done, it plans to finalize the compensation process within 72 hours. In a follow-up post, Bitget assured users that it would continue to optimize margin position levels, risk management measures, and liquidation mechanisms.
$BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.#Bitget will fully compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Bitget… pic.twitter.com/KJD2MLO9J6
— Bitget (@bitgetglobal) October 7, 2024
This ensures a safer and more stable trading environment for users. Gracy Chen, Bitget CEO, noted that the company will not allow any user to suffer losses. Additionally, she clarified that there are no issues with Bitget systems. The cause of the crash remains uncertain, but it comes only four months after the token reached an all-time high (ATH) of $1.48 in June. So far, BGB has dipped by approximately 30% since then.
Chen also highlighted the exchange’s global market price, which stood at 11%, has kept it as the fourth-ranking exchange in Q4 2024. To further allay users’ fear, the Bitget executive pointed to the exchange’s asset reserve, citing that it has exceeded 176%. Bitget also claimed that it has the second-largest protection fund.
In the past, OKB has suffered a similar price volatility on two occasions. It recorded the first on January 23 when the price plunged to $48. The second price volatile streak came on July 5, when its price level dropped to $25.
Bitget Becomes Official Crypto Partner of La Liga
Last month, Bitget secured a major sponsorship deal with the Spanish football league La Liga. The exchange became the league’s official crypto partner. This multi-million dollar deal allowed Bitget to leverage the latter’s popularity and football fans across the globe to push global crypto adoption.
La Liga claims that the deal aligns with its ongoing technological initiatives, which include the use of Artificial Intelligence (AI), Virtual Reality (VR), and big data analytics. All these technologies are channeled towards optimizing game performance and improving fan engagement.
The partnership is a strategic push for Bitget to strengthen its brand presence across regions where football has recorded huge popularity. Its recent move to pursue a compensation plan highlights the exchange’s commitment to its users’ protection.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
