Bitget Announces BGB Price Volatility Compensation Plan

Key Points:

• Bitget will offer full compensation in USDT or BGB for users impacted by forced liquidations during the BGB price volatility incident.
• Compensation applies to users with loans collateralized by BGB, Spot Margin, and Bitget Futures positions that included BGB.

Bitget compensates users impacted by BGB Price Volatility Compensation from October 7, covering forced liquidation losses with USDT or BGB credits by October 10.

Bitget Provides Full Compensation After BGB Price Volatility Incident

Heavily leveraged trades dramatically shifted the price of the BGB token on October 7, 2024. These ultimately led to a chain reaction of forced liquidations across BGB loans, spot margin positions, and futures positions.

Bitget has begun compensating users for these incidents internally by covering their equity losses. It will compensate the affected users in either USDT or BGB tokens no later than October 10, 2024. The compensative move by Bitget upholds its guarantee of protection for its users and confidence in the platform.

Read more: Bitget Token BGB Plummets Over 50%, Echoes Past OKB Crashes

BGB Price Volatility Compensation: Impact, Eligibility, and Payout Details

Due to the abnormal fluctuation in the price of the BGB token between 02:53:00 and 02:58:59 UTC on October 7, 2023, Bitget has introduced a compensation plan for those users who have suffered losses. This involves forced liquidation losses from loans leveraged on BGB, the spot margin, and futures positions hedged for the token.

The losses will be calculated based on the difference between the highest price at which BGB traded during the incident-1.1423 USDT and the forced liquidation price. Users will be credited with compensation in USDT or BGB no later than October 10.