Bitget Exchange Promises to Compensate Users for Huge Losses Triggered by Extreme Fluctuations in Its Native Token, BGB's Price

Crypto exchange Bitget has announced that it will compensate for users who suffered from huge losses triggered by extreme fluctuations in its native token, BGB's price.

Crypto exchange Bitget will compensate users who suffered large losses due to extreme price fluctuations in its native token, BGB, the company announced on Saturday.

According to a statement from Bitget officials, the platform will investigate the abnormal price fluctuation of BGB, which occurred between 10:53 and 10:58 this morning. Officials will then provide feedback to users as soon as possible.

“The platform will formulate a compensation plan within 24 hours and complete the compensation for all users within 72 hours,” a Bitget official stated.

The BGB token experienced a sudden drop this morning, falling from $1.14 to a minimum of ￥0.53 (USD 0.074), marking a drop of over 50%. The coin then began to recover. The reason behind the large fluctuation is still unknown at this time.

Xie Jiayin, the Chinese head of Bitget, commented on the situation, highlighting Bitget’s strong performance in the third quarter of 2024. He mentioned that the exchange had attained a global market share of 11%, ranking fourth worldwide.

“The asset reserves exceed 176%, and there is also the world’s second largest Bitget protection fund of more than US$400 million, second only to Binance, to ensure that users who encounter similar black swan events can quickly obtain compensation. Bitget will not let any user suffer any injustice,” Xie stated.

This incident is reminiscent of two similar events involving OKX’s native token, OKB, on July 5 and January 23, where the token experienced drops from a high of $48 to a low of $25.