Bitget Announces "Full Compensation" Policy Amid BGB Cryptocurrency Price Volatility

On October 7, 2024, cryptocurrency exchange Bitget issued a statement addressing the recent sharp fluctuations in the price of its exchange token, BGB.

The company announced that it would fully compensate for any losses incurred due to the sudden price drop.

At 2:52 AM on October 7, 2024, the price of BGB surged to approximately $1.14, only to plummet to around $0.53 within just six minutes. By 12:23 PM, the price had rebounded to $1.20, showing extreme volatility within a short span.

In response to this dramatic price movement, Bitget declared that it will propose a compensation plan within 24 hours and aims to complete the compensation process within 72 hours.

On October 7, 2024 at 2:53 AM UTC, the price of the BGB fluctuated significantly and lasted for 10 minutes before the market quickly stabilized.

We sincerely apologize for any inconvenience caused by this event. In the event of any loss of assets as a result of this event, Bitget will fully compensate for any losses and will provide a compensation plan within 24 hours and expects to complete the compensation process within 72 hours.

Bitget is committed to continually improving the customer experience. We will continue to optimize margin position levels, risk management measures, and clearing mechanisms to provide a safer and more stable trading environment for our customers.

Thank you for your understanding and support.

Translated with DeepL.com (free version)

For the latest updates on BGB, Bitget continues to post information on its X account (formerly Twitter).

While the cryptocurrency market has recently shown signs of recovery, it's important to note that price volatility is common during trend reversals.

Investors should exercise caution, especially when investing large amounts or engaging in leveraged trading.