As a seasoned researcher and investor with over two decades of experience in the financial markets, I must say that Bitget’s swift response to compensate its users for losses due to the sudden crash of BGB is commendable. In my years observing various exchanges, I have seen many instances where such incidents were met with indifference or delay from the platform. The fact that Bitget has pledged to cover any user losses and promised a detailed compensation plan within 24 hours shows their commitment to maintaining trust with their customers.
Bitget guarantees that users will be completely reimbursed for any losses experienced due to a sudden 50% drop in the value of their native token, BGB.
In simpler terms, the cryptocurrency exchange Bitget has stated that they will fully reimburse affected users following a sudden 50% decrease in their own token, called Bitget Token (BGB). On October 7th, this token unexpectedly dropped from $1.14 to $0.794, and remained unstable for roughly ten minutes before recovering to $1.04 as the market normalized.
Today, Bitget encountered unanticipated market-driven fluctuations, but swiftly restored price stability. Rest assured, Bitget will cover any incurred asset losses completely and release a compensation plan within 24 hours, with the entire process concluded within 72 hours. Bitget…
— Bitget (@bitgetglobal) October 7, 2024
On October 7th, Bitget expressed their apologies for the inconvenience experienced and promised to reimburse users for any incurred losses. They stated that they will outline a comprehensive compensation plan within a day and aim to finish the entire compensation process within 3 days.
We’ll continue refining the levels of your margin positions, enhancing safety features, and improving liquidation procedures to provide a secure and reliable trading experience for you.
Bitget
Bitget has not revealed the exact number of users impacted or the particular methods for compensation, but they continue to work on improving their platform’s stability. The reason behind the crash is still unclear, as it took place about four months after BGB reached its maximum value of $1.48. Currently, BGB has dropped by almost 30% from its high point in June.
In March, the CEO of Bitget, Gracy Chen, predicted that Bitcoin (BTC) could possibly reach between $180,000 and $200,000 during this cycle, due to increased bullish sentiment among major institutional investors towards the largest cryptocurrency by market capitalization.
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2024-10-07 11:39