web3.0
Bitget Token (BGB) Suffers 56% Flash Crash, Exchange Pledges Compensation and Announces LALIGA Partnership
Bitget Token (BGB) Suffers 56% Flash Crash, Exchange Pledges Compensation and Announces LALIGA Partnership
Oct 07, 2024 pm 06:14 PM
On October 7, the Bitget exchange platform experienced a notable disruption when its token, BGB, saw an abrupt price plunge. The token's value dropped sharply from $1.14 to a low of $0.53, marking a sudden decline of over 56%.
On October 7, the Bitget exchange platform experienced a notable disruption when its token, BGB, saw an abrupt price plunge. The token’s value dropped sharply from $1.14 to a low of $0.53, marking a sudden decline of over 56%.
This dramatic dip occurred unexpectedly, and Bitget quickly took steps to stabilize the token’s price, which began to recover shortly after the initial drop.
On the morning of October 7, the Bitget exchange platform token BGB suddenly plummeted from $1.14 to a minimum of ￥0.53, a drop of more than 50%, and then began to recover. The reason is currently unknown. A similar situation occurred on July 5 and January 23 with OKB, which… pic.twitter.com/R46jvyFaJZ
— Wu Blockchain (@WuBlockchain) October 7, 2024
The cause of this price fluctuation remains unknown, but the incident mirrors similar events seen earlier in 2024 with the OKB token, which experienced a comparable sharp decline on two occasions.
As the broader market struggles to recover from its weekly declines, the Bitget Token (BGB) was priced at $1.07 during this press, reflecting a modest 0.60% increase over the last 24 hours and a stronger 3.48% rise over the past week.
The 24-hour trading volume of $5.88 million, while modest in comparison to larger cryptos, suggests stable trading activity and interest from investors.
Bitget’s Response and Compensation Plan
In light of the October 7 event, Bitget issued an official statement to address the concerns of affected users. The company acknowledged the abrupt price movement and committed to compensating those who incurred losses during the drop.
Bitget announced that it would finalize a compensation plan within 24 hours and complete the reimbursement process in 72 hours. The platform further emphasized its commitment to improving user experience, pledging to optimize risk management tools and implement stronger safeguards to prevent future incidents.
As part of its broader risk management strategy, the company outlined plans to enhance margin position levels and liquidation mechanisms to better control volatile market behavior.
Bitget’s Strategic Partnership
This event occurred at a time when Bitget recently expanded its presence in the sports sector through a multi-million-dollar partnership with the renowned football league, LALIGA. This collaboration is seen as a significant step in the exchange’s strategy to integrate Web3 technologies into mainstream industries.
LALIGA’s global prominence and its roster of elite players, including Kylian Mbappé and Vinícius Jr, align with Bitget’s goal of bridging the gap between digital innovation and sports. LALIGA plans to leverage Bitget’s expertise in blockchain and Web3 integration to enhance its digital operations.
The above is the detailed content of Bitget Token (BGB) Suffers 56% Flash Crash, Exchange Pledges Compensation and Announces LALIGA Partnership. For more information, please follow other related articles on the PHP Chinese website!
Hot AI Tools
Undress AI Tool
Undress images for free
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Clothoff.io
AI clothes remover
Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!
Hot Article
Hot Tools
Notepad++7.3.1
Easy-to-use and free code editor
SublimeText3 Chinese version
Chinese version, very easy to use
Zend Studio 13.0.1
Powerful PHP integrated development environment
Dreamweaver CS6
Visual web development tools
SublimeText3 Mac version
God-level code editing software (SublimeText3)
Hot Topics
1793
16
1737
56
1589
29
267
587
How to enter the bull market in May 2025? Recommended on entry exchanges
May 12, 2025 pm 08:51 PM
Recommended exchanges for bull market in May 2025: 1. Binance; 2. OKX; 3. Huobi; 4. gate.io; 5. Sesame Open Door and other exchanges. The above exchanges are safe and reliable, and support a variety of currencies. This article provides detailed download portal addresses.
Is altcoin mining worth participating in? How to calculate the income?
May 16, 2025 am 09:09 AM
Altcoin mining is still worth participating, but it needs to be evaluated with caution. The profit calculation needs to consider the currency price, computing power difficulty, electricity bill and equipment cost. 1. Still-minable altcoins include ETC, RVN, ERG and KAS. 2. Whether mining makes money depends on the currency price, difficulty of computing power, electricity bills and equipment costs, and areas with low electricity bills still have profits.
How to open a bitget sub-account
May 07, 2025 pm 03:09 PM
To open a sub-account on the Bitget platform, you need to log in to the account, enter the management page, click "Open a sub-account", set the name and password, and assign permissions to ensure security settings.
How to set Ouyi into Chinese Tutorial on setting Ouyi in Chinese
Apr 22, 2025 am 09:18 AM
The steps for setting up the Chinese interface of Ouyi are as follows: 1. Ouyi APP: Log in to the APP, enter the Personal Center, find "Settings", select "Language", select "Simplified Chinese" or "Traditional Chinese", and restart the APP. 2. Ouyi web version: Visit the official website, log in to your account, find the language selection button, select "Simplified Chinese" or "Traditional Chinese" and refresh the page.
How to set up sesame door opening in Chinese Tutorial on sesame door opening in Chinese
Apr 22, 2025 am 09:15 AM
Both the KuCoin APP and the web version can be set as a Chinese interface. 1. Log in to the KuCoin APP, enter the Personal Center, find "Settings", select "Language", select "Simplified Chinese" or "Traditional Chinese", confirm and restart the APP. 2. Visit the KuCoin web version, log in to your account, click the language selection button, select "Simplified Chinese" or "Traditional Chinese" and refresh the page.
Bian download tutorial Bian latest version download tutorial
Apr 24, 2025 pm 12:36 PM
The steps to download the latest version of Bian are as follows: 1. Visit the official website of Bian. 2. Select the appropriate version (Windows, macOS, Linux). 3. Download the installation package. 4. Double-click the installation package and follow the prompts to install. 5. Enter the activation code and configure the settings. 6. Regularly update and scan the system to ensure safety.
What is Solayer(LAYER)? Solayer Token Economics and Price Forecast
May 14, 2025 pm 10:06 PM
Introduction Decentralized Finance (DeFi) is changing the way users interact with blockchain technology, creating seamless and flexible ways for transactions, lending and earnings creation. Solayer (LAYER) is at the heart of this change, building a protocol that connects liquidity and practicality across multiple blockchains. With the popularity of DeFi and the growing demand for efficient cross-chain infrastructure, Solayer is attracting the attention of traders, developers and investors who are looking for the next major opportunity. This article will explain the concept of Solayer, detail its innovative features and token economics, and look forward to its 2030
What are the next thousand-fold coins in 2025?
Apr 24, 2025 pm 01:45 PM
As of April 2025, seven cryptocurrency projects are considered to have significant growth potential: 1. Filecoin (FIL) achieves rapid development through distributed storage networks; 2. Aptos (APT) attracts DApp developers with high-performance Layer 1 public chains; 3. Polygon (MATIC) improves Ethereum network performance; 4. Chainlink (LINK) serves as a decentralized oracle network to meet smart contract needs; 5. Avalanche (AVAX) trades quickly and