As altcoins led by Bitcoin (BTC) are showing signs of recovery, the native token of popular crypto exchange Bitget, BGB, experienced a sharp decline.
BGB Token Plummets 50% in Just Five Minutes
On October 7 at 02:58 UTC, BGB saw a sudden drop, falling from $1.15 to $0.5344 within just five minutes. Bitget quickly responded with an official announcement, addressing the abnormal price dip.
In the statement, Bitget confirmed a major price fluctuation in BGB that lasted for 10 minutes, but the market stabilized shortly after. The exchange reassured users that they would fully compensate for any losses and would release a compensation plan within 24 hours, completing the process within 72 hours.
Bitget’s Official Response
“Today, the BGB price experienced an unexpected fluctuation due to market conditions, but the price stabilized quickly.
Bitget will fully compensate for any asset losses and will provide a compensation plan within 24 hours, with the compensation process completed within 72 hours.
Bitget always prioritizes the security of user assets and will continue to optimize margin position levels, risk management measures, and liquidation mechanisms to ensure a safer and more stable trading environment.
We apologize for any inconvenience caused.”
Although the exact cause of the BGB crash is still unknown, the token has since recovered and is trading at $1.08.
$BGB experienced unexpected volatility today due to market conditions, but the price has quickly stabilized.#Bitget will fully compensate for any asset losses, and will provide a compensation plan within 24 hours, completing the compensation process within 72 hours. Bitget… pic.twitter.com/KJD2MLO9J6
— Bitget (@bitgetglobal) October 7, 2024
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