On Monday (October 7), the centralized cryptocurrency exchange Bitget platform currency BGB crashed 53.20% without warning during the Asian session, plummeting rapidly from US$1.14 to US$0.5334. But half an hour later, BGB tokens surged to make up for the losses, and once hit $1.18, the highest point since August. The official announced that full compensation for some user losses will be completed within 72 hours.
Source: CoinMarketCap
The violent fluctuations in the BGB market not only left many Asian investors confused, but also caused many BGB token contract multiples and loan users to be liquidated.
Bitget Exchange stated that it is fully investigating the cause and emphasized that it will provide feedback to users as soon as possible.
However, as of the deadline, the specific reason has not been found out.
Bitget officials previously tweeted that the exchange will pay full compensation for the abnormal price fluctuations of BGB tokens that have caused some users to lose their assets.
Related reading：Bitget predicts TON ecosystem will be “de-telegraphized” within two years amid regulatory pressure
The official statement said: "In response to the abnormal price fluctuation of BGB tokens, the team is actively formulating a corresponding compensation plan. Bitget will fully compensate for the loss of user assets caused by this incident. We will provide a compensation plan within 24 hours, and Completion of compensation within 72 hours.”
"Protect users, always. Bitget Exchange is committed to ensuring the safety of user assets. We will continue to optimize margin position level rules, risk management measures and liquidation mechanisms to ensure a safer and more stable trading environment for you."
The violent fluctuations of BGB triggered discussions in the community. Although some users said, "Can it drop again and let me take over the order?" Way.
Regarding the details of losses such as "selling down, liquidation of long orders, and liquidation of borrowed currency", specific compensation details have not yet been announced.
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