- Bitget has committed to compensate users who have been affected by the BGB decline.
- The latest partnership with LALIGA aims to improve Web3 integration.
On October 7, the Bitget exchange encountered a severe disruption as its token, BGB, fell by an astonishing 56%. The token’s value fell sharply from $1.14 to $0.53, raising concerns among investors and users alike. Fortunately, the token began to stabilize and recover soon after its first plummet.
Many are puzzled by the sudden price drop, as it mirrors similar events earlier in 2024. The OKB token experienced comparable declines twice this year, raising speculation about its cause. As the cryptocurrency market fights to recover from recent weekly drops, BGB was trading at $1.07 during this report, indicating a 0.60% increase in the last 24 hours and an increase of 3.48% growth in the previous week. The 24-hour trading volume reached $5.88 million, showing that trading activity and investor interest remained stable.
Bitget Responds to Price Drop
Bitget released an official statement to comfort affected users following the drastic price movement. The exchange admitted the precipitous decrease and vowed to refund users who suffered losses. The compensation plan will be determined in 24 hours, and payments should be fulfilled in 72 hours.
Bitget emphasized its commitment to enhancing the user experience by reinforcing its risk management tools. The company plans to introduce stricter measures to prevent similar incidents in the future. To further minimize market volatility, Bitget aims to improve margin position levels. Additionally, the platform will fine-tune its liquidation processes as part of its broader strategy.
Along with this momentous occurrence, Bitget recently increased its footprint in the sports sector with a multimillion-dollar collaboration with the renowned football league, LALIGA. This collaboration is a significant milestone in Bitget’s aim of integrating Web3 technologies into mainstream sectors.
LALIGA, famed for its elite players such as Kylian Mbappé and Vinícius Jr., is teaming with Bitget to boost its digital operations by leveraging Bitget’s blockchain expertise.
