On October 7, crypto exchange Bitget faced an unexpected plunge in the value of its native token, Bitget Token (BGB), crashing by 50% within minutes. In response, the exchange promised full compensation to affected users.

The Crash: A Sudden 50% Plunge

At around 02:58 UTC, BGB experienced a sharp drop, falling from $1.14 to $0.56 in less than five minutes, marking around 50% decline. This sudden drop caught traders off guard, and the token remained volatile for nearly ten minutes before rebounding to $1.04 as market conditions stabilized.

Bitget’s Response: Promising Compensation

In an official statement, Bitget confirmed it was aware of the price fluctuation and announced a plan to fully compensate users for any losses they incurred during the event. The exchange emphasized that its platform remains secure and operational, despite the volatility.

Possible Causes of the Crash

The exact cause of BGB’s sharp decline is still unclear. Potential factors include low liquidity during off-peak trading hours, market manipulation, or technical glitches.

While Bitget continues to investigate the causes of the crash, the crypto community remains eager for further clarification. Bitget emphasizes its commitment to improving user experience and optimizing key areas to create a safer trading environment.