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BGB Price Volatility Statement and Compensation Plan

Bitget Announcement2024/10/08 05:56

By:Bitget Announcement

Between 2:53:00 and 2:58:59 on October 7, 2024 (UTC), the BGB token experienced abnormal price volatility, affecting some users' open positions in the margin and futures trading markets. Our investigation indicates that this incident was primarily triggered by several large leveraged trades executed in rapid succession, which led to a series of forced liquidations across Loans, Spot Margin, and Bitget Futures.

To mitigate the effects on affected users' positions and prioritize our users' interests, Bitget will fully compensate those impacted. Eligible users include those who held or used the following products during the incident:

Loans collateralized by BGB
Spot Margin positions that included BGB
Cross or Isolated Bitget Futures positions that included BGB

Compensation will be credited in the form of USDT or BGB to eligible users' accounts by 15:59:59 October 10, 2024(UTC).

Calculation Rules

Bitget will cover the total equity loss from forced liquidations due to the abnormal price volatility, excluding any negative balances covered by the platform's risk reserve. The price difference loss is calculated as the disparity between BGB's highest price (1.1423 USDT) during the incident period and the forced liquidation price.

For example, if 100 BGB were forcibly liquidated at 0.7 USDT, the loss difference would be (1.1423 - 0.7) * 100 = 44.23 USDT.

*This calculation includes related liquidation penalties and trading fees but excludes any negative-balances compensation already covered by the risk reserve.

*Only users deemed eligible under the above criteria will receive the airdrop.

For any questions about the airdrop compensation or other inquirers, please contact us through the Bitget support center.

Thank you for your support and interest in Bitget!

Disclaimer

Cryptocurrencies are subject to high market risk and volatility despite high growth potential. Users are strongly advised to do their research as they invest at their own risk. Thank you for supporting Bitget!

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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.