The Bitget exchange witnessed an unexpected 50% drop in its BGB token price, with the platform pledging full compensation for user losses.
The Crash: A Sudden 50% Plunge
On October 7, Bitget Token (BGB) sharply dropped from $1.14 to $0.56 in minutes, marking a 50% decrease. The token bounced back to $1.04 after nearly ten minutes, leaving traders questioning the cause.
Bitget’s Response: Promising Compensation
In an official statement, Bitget confirmed awareness of the fluctuation and announced plans for full compensation of losses incurred by users. The exchange promised to deliver a detailed compensation plan within 24 hours, aiming to complete the process in 72 hours.
Possible Causes of the Crash
The exact cause of BGB’s sharp decline remains unclear. Potential factors include low liquidity during off-peak hours, market manipulation, or technical glitches. Ryan Lee, Chief Analyst at Bitget Research, urged users to consider the incident within a broader perspective, noting that price volatility is common in the crypto market.
While the results of the investigation into the causes remain pending, Bitget continues to develop measures to enhance platform security and user convenience.