BGB Coin Prices Drop, Bitget Moves Fast, Immediately Gives Full Compensation

The BGB token had fallen, Bitget immediately gave compensation. (Photo; Doc. Bitget)

JAKARTA - Shocking news came from Bitget utility tokens, namely BGB. The BGB token recently announced that it would provide full compensation to users affected by unexpected price fluctuations from their original token, BGB. This announcement comes after the price of the BGB token dropped significantly, which raised concerns among investors.

On October 7, 2024, at around 10:00 WIB, the price of the BGB token suddenly fell from 1.14 US dollars to 0.6441 US dollars in about ten minutes. This drastic drop reached 43.5% for no apparent reason. However, the price of the token quickly recovered and is currently trading at the level of 1.06 US dollars.

In response to this situation, Bitget immediately released a statement affirming their commitment to compensate for all losses suffered by users due to the volatility. The crypto exchange also discloses a compensation plan that will be announced in detail in the next 24 hours. They promised to complete the entire compensation process within 72 hours.

In addition to providing compensation, Bitget is also committed to increasing risk management measures to prevent similar incidents from happening in the future. The company said it would optimize the level of position margin, strengthen risk management mechanisms, and perfect their liquidation system. Bitget CEO Gracy confirmed that the platform would ensure that no user was harmed by the incident.

Gracy also said that Bitget already has a global market share of 11% and is ranked fourth in the fourth quarter of 2024. In addition, Bitget has a reported asset reserve of more than 176%, and holds a second position in terms of protection funds for users.

However, similar incidents have also occurred on other exchanges. For example, the OKB token experienced a sharp price decline on July 5 and January 23, where token prices fell from USD 48 to USD 25 (around IDR 720,000 to IDR 375.000). This kind of event shows that sharp volatility is not new in the crypto industry. However, Bitget's quick response to address this issue is considered an effort to maintain user confidence and security on their platform.