Bitget Provides Full Compensation After BGB Price Volatility Incident

Heavily leveraged trades dramatically shifted the price of the BGB token on October 7, 2024. These ultimately led to a chain reaction of forced liquidations across BGB loans, spot margin positions, and futures positions.

Key Points:

* Bitget to compensate users impacted by BGB price volatility with either USDT or BGB credits by October 10.

* Forced liquidation losses from October 7 will be covered in the compensation plan.

Bitget Provides Full Compensation After BGB Price Volatility Incident

On October 7, 2024, a highly leveraged trade shifted the price of the native BGB token drastically, leading to a chain reaction of forced liquidations across BGB loans, spot margin positions, and futures positions hedged for the token.

Bitget has now started covering the equity losses of users impacted by the incident internally and will compensate the affected users in either USDT or BGB tokens no later than October 10, 2024. This move by Bitget highlights its commitment to protecting its users and ensuring their trust in the platform.

Due to the abnormal fluctuation in the price of the BGB token between 02:53:00 and 02:58:59 UTC on October 7, 2023, Bitget will introduce a compensation plan for those users who have suffered losses as a result of this incident.

This includes forced liquidation losses from loans leveraged on BGB, the spot margin, and futures positions hedged for the token. The losses will be calculated based on the difference between the highest price at which BGB traded during the incident- 1.1423 USDT and the forced liquidation price.

Users will be credited with compensation in USDT or BGB no later than October 10.

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