Bitget to Fully Compensate Users Affected by Unusual BGB Price Fluctuations

On October 8, Bitget officially released a notice stating that on October 7, 2024, 10:53:00~10:58:59 (UTC+8), the price of BGB tokens experienced abnormal fluctuations, resulting in the impact of some users' open contracts and leveraged positions.

After investigation, the anomaly was mainly caused by several large leveraged transactions, which triggered the effect of continuous forced closure of pledge lending, leveraged trading and contract trading products.

Considering the impact of this event on some users' positions, and in line with the principle of putting users first, Bitget will fully compensate affected users. Eligible users are those who held or used the following products at the time of the anomaly:

- Pledged lending with BGB as collateral

- Leveraged positions containing BGB

- Full, trade-by-trade positions that include BGBs

Compensation will be paid to eligible accounts by October 10, 2024 in the form of USDT, BGB short positions.