Bitget Token

Date: Tue, Oct 08, 2024, 08:34 AM GMTIn a turbulent turn of events in the cryptocurrency market, Bitget’s BGB token saw a dramatic drop in value yesterday. Between 2:53 AM and 2:58 AM (UTC) on October 7, 2024, the token&#39;s price plummeted over 53%, dropping from approximately $1.14 to a low of $0.53 within just a few minutes. However, the price quickly recovered to around $1.06 within an hour.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/877ca7f896bb48a292909a2958f3abcf.png" />This sudden volatility had significant implications for users engaged in margin and futures trading on the platform. Bitget&#39;s investigation revealed that several large leveraged trades executed in rapid succession triggered a wave of forced liquidations across various trading products, including Loans, Spot Margin, and Bitget Futures.<h2 id="header-0">Bitget announced a compensation plan</h2>To address the situation and support affected users, Bitget <a href="https://www.bitget.com/support/articles/12560603816501" rel="noopener noreferrer nofollow">announced </a>a compensation plan today. The exchange will fully compensate users impacted by the price fluctuations. Eligible users include those who held or used the following products during the incident:1.Loans collateralized by BGB2.Spot Margin positions that included BGB3.Cross or Isolated Bitget Futures positions that included BGBThe compensation will be credited in either USDT or BGB and should appear in the accounts of eligible users by 3:59 PM (UTC) on October 10, 2024.<h3 id="how-compensation-is-calculated">How Compensation is Calculated</h3>Bitget will cover the total equity loss from forced liquidations resulting from the abnormal price volatility. However, any negative balances covered by the platform&#39;s risk reserve will not be included in the compensation.The calculation for losses will be based on the difference between the highest price of BGB during the incident (which was $1.1423) and the price at which the forced liquidation occurred. For instance, if a user had 100 BGB forcibly liquidated at $0.70, the loss would be calculated as follows:(1.1423−0.70)×100&#61;44.23 USDTBitget’s proactive approach aims to prioritize user interests and maintain trust within the trading community.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.Also Read: <a href="https://coinsprobe.com/spx6900-spx-surges-following-new-listing-announcement-and-whale-activity/" rel="noopener noreferrer nofollow">SPX6900 (SPX) Surges Following New Listing Announcement and Whale Activity.</a>

Bitget Exchange Responds to BGB Token Drop with New Compensation Plan

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