Bitget to Compensate by USDT and BGB Airdrop

Bittime - Yesterday, Bitget announced that it would provide compensation to BGB token users and investors who experienced losses due to unreasonable fluctuations in BGB token prices.

Today, Bitget again announced that it will provide compensation by USDT and BGB airdrop. This compensation will be provided before October 10, 2024. Read this article to find out more!

BGB Token Price Fluctuations

Yesterday, October 7, 2024, there were abnormal price fluctuations in tokens BGB between 09:53 and 09:58 WIB. 

These fluctuations have affected some users who have open contract and position leverage involving BGB tokens at the time of the incident.  

Read Also: BGB Token Prices Dropped Drastically Up to 50% in 5 Minutes!

Causes of BGB Token Price Fluctuations

After investigation, Bitget discovered that this incident was caused by several large leverage transactions occurring simultaneously. 

These transactions set off a domino effect that ultimately led to forced liquidation in various products involving BGB tokens. This forced liquidation effect makes the situation worse, especially for users who have leveraged positions and contracts.

Apart from that, Bitget also confirmed that These price fluctuations are not caused by system failure, but rather by the impact of extreme market action. Even so, Bitget will still provide compensation to affected users.

BGB Token Price Fluctuations, Bitget Give Compensation

As the BGB token issuer, Bitget will provide full compensation to all users affected by these unreasonable BGB token price fluctuations. Users who are eligible for compensation are users who own or use certain products at the time the fluctuation event occurs.

Here are some products related to compensation.

1. Loans guaranteed by BGB tokens 

2. Leveraged position with BGB 

3. Full contract positions as well as isolated contracts with BGB tokens 

Bitget will distribute such compensation to eligible user accounts in the form of airdrop USDT and BGB. This distribution process is estimated to be completed before October 10, 2024.

Read Also: Update on BGB Token Price Fluctuations, Bitget will Provide Compensation in 72 Hours!  

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