This Altcoin Experienced a 50 Percent Sudden Drop! Official Statement Came: "Damages Will Be Compensated!"
Popular cryptocurrency exchange Bitget's native token BGB experienced a major decline, the exchange announced.
While altcoins also recovered under the leadership of Bitcoin (BTC), BGB, the native token of popular cryptocurrency exchange Bitget, experienced a major decline.
Bitget’s BGB token saw a steep decline around 02:58 UTC on October 7, dropping from $1.15 to $0.5344 in just five minutes.
Bitget has released an official announcement regarding the abnormal price drop of BGB. Bitget stated that the price of BGB experienced a significant fluctuation in a short period of 10 minutes and the market quickly stabilized.
Bitget stated that it will fully compensate for any asset losses incurred and will provide a compensation plan within 24 hours to complete compensation within 72 hours.
“The BGB price experienced unexpected fluctuations today due to market conditions, but the price quickly stabilized.
Bitget will fully compensate for any asset loss and provide a compensation plan within 24 hours and complete the compensation process within 72 hours.
Bitget always prioritizes user asset security, and we will continue to optimize margin position levels, risk management measures, and liquidation mechanisms to provide a safer and more stable trading environment for you.
We apologize for any inconvenience.”
While the exact reason for this collapse in BGB price is unknown, BGB continues to be traded at $1.08.
$BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized. #Bitget will fully compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Bitget… pic.twitter.com/KJD2MLO9J6
— Bitget (@bitgetglobal) October 7, 2024
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump's chances of winning the US presidential election are currently 57.5%
Base Chain AI Agents Creation Protocol Virtuals Launches Virtuals Fun
MicroStrategy transfers 1,652 BTC to a new wallet
Analysis: If the US election is too suspenseful, the volatility of the crypto market will also rise