Bitget Pledges Full Compensation for Users After 50% Token Crash

Crypto exchange Bitget has committed to fully compensating users affected by a sudden 50% price drop in its native token, Bitget Token (BGB). The token experienced a sharp decline from $1.14 to $0.794 on October 7, stabilizing at $1.04 after about ten minutes of volatility.

Swift Response and Compensation Plan

Bitget assured users that it will fully cover any asset losses due to the unexpected market conditions. The exchange has promised to unveil a detailed compensation plan within 24 hours and to complete the compensation process within 72 hours.

$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.

Platform Stability and User Protection

In a statement on Monday, October 7, Bitget apologized for the disruption and reaffirmed its commitment to user protection. The exchange emphasized its ongoing efforts to enhance platform stability, including optimizing margin positions, risk management measures, and liquidation mechanisms.

Bitget has not disclosed the total number of users affected or the specific mechanics of the compensation process. The exact cause of the crash remains uncertain, happening four months after BGB reached an all-time high of $1.48. As of now, BGB is down nearly 30% from its June peak.

Future Outlook

Earlier this year, in March, Bitget’s current CEO Gracy Chen predicted that Bitcoin (BTC) could potentially hit $180,000 to $200,000 in the ongoing cycle, driven by bullish interest from institutional stakeholders.

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