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Home»ALTCOIN NEWS»Bitget promises compensation for losses after BGB flash crash
ALTCOIN NEWS

Bitget promises compensation for losses after BGB flash crash

By Crypto FlexsOctober 8, 20243 Mins Read
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Bitget promises compensation for losses after BGB flash crash
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  • Bitget promised compensation to users after sudden BGB crash.
  • Efforts are underway to establish the catalyst for the flash crash.
  • Bitget CEO Gracy Chen once again emphasized the exchange’s strengths.

The cryptocurrency market is known for many things, one of which is its high volatility. In a recent example that highlights these characteristics, BGB, the native token of leading cryptocurrency exchange Bitget, experienced a flash crash that saw its price drop more than 50% from $1.2 to around $0.53 before surging above its low in 15 minutes. At the $1 price range, this is a potentially loss-making move for traders with open positions. Following the market event, the exchange outlined its rewards roadmap and next steps.

Get Rewarded for BGB Traders on Bitget

Bitget has promised full compensation to BGB traders who may have suffered losses due to the recent flash crash. “Bitget will fully compensate for all asset losses,” the company said in an announcement on Monday, October 7.

In line with this plan, the company promised to announce a compensation plan within 24 hours and complete the compensation process within 72 hours.

$BGB We experienced unexpected volatility due to today’s market conditions, but prices stabilized quickly.#bitget We will fully compensate for property losses, provide a compensation plan within 24 hours, and complete the compensation process within 72 hours. Beat get… pic.twitter.com/KJD2MLO9J6

— Bitget (@bitgetglobal) October 7, 2024

Meanwhile, the exact catalyst for the recent Flash crash is unclear as of this writing. In a separate statement, Bitget CEO Gracie Chen reiterated the exchange’s compensation guarantee, noting that the situation is still under investigation.

This incident is still under investigation, but we would like to assure anyone affected that Bitget users will not incur any losses. We will propose a compensation plan within 24 hours, and the compensation process will be completed within 72 hours.

I sincerely apologize… https://t.co/1TrJK48wq8

— Gracie Chen @Bitget (@GracyBitget) October 7, 2024

Chen also sought to reassure users that there are no issues with Bitget, reiterating the exchange’s recent performance and noting that the exchange’s retention ratio is 176%. Interestingly, the exchange reported this reserve ratio at 166% at the end of September 2024.

Bitget running high up

With cryptocurrency asset prices soaring over the past year, Bitget has experienced significant growth, with its user base tripling from a reported 15 million in Q3 2023 to over 45 million in Q3 2024.

As the number of users rapidly increased, transaction volume also increased. In the first quarter of 2024 alone, the exchange reported that futures trading volume reached $1.4 trillion and spot volume reached $160 billion.

Meanwhile, the company’s growth was not limited to its exchange platform. In August 2024, Bitget Wallet reported that it had over 30 million users.

On the flipside

Why This Matters

A flash crash like the one experienced by Bitget’s BGB could easily result in millions of dollars in liquidation costs for several traders. Bitget’s decision to compensate users for their losses provides relief to all affected traders while also highlighting the exchange’s commitment to its users.

To learn more about Bitget, read:
Bitget Wallet Adds AI-Based Grass for Passive Rewards

After focusing on Ethereum’s Layer 2 roadmap, Layer 1 chains may return to center stage. Learn more:
Ethereum considers increasing throughput: Can power shift back to L1?

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