• Friday, September 29, 2023
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Bitget sets up $5m fund to help users affected by FTX crash

Bitget sets up $5m fund to help users affected by FTX crash

Bitget, a global cryptocurrency company said it has set aside $5 million to help cushion the impact of the FTX crash on Crypto users.

The fund is particularly targeted at affiliates, influencers, and professional traders who are distressed by the collapse of FTX.

The market witnessed the collapse of FTX within a week, and worse still, the exchange announced their wallet was hacked after filing for bankruptcy protection in the US. The remaining funds in the company have been wiped out completely. No one is the winner in this chaos, as it continues to harm the whole industry.

“We have prepared a 5 million USD “Builders’ Fund” to help those innocent victims with different assistance,” said Gracy Chen, Managing Director of Bitget. “Moreover, we would like to take this initiative to deliver a message to the fearful market: Bitget and many other active builders are still working hard to cultivate the crypto world. During this dark time, we should join forces, help each other, and wait for dawn.”

Read also: Crypto-obsessed Nigerians reel as FTX collapses

Due to the wide range of business offerings, the decline of FTX inevitably has caused a huge impact on the whole Web3 industry, and users of the platform are most affected by this crisis. FTX’s glory in the past is also attributed to the excellent talents and contributors on the platform, including influencers, affiliates, and professional traders; however, they are also the ones who have been impacted a lot in this chaos with a huge amount of their assets locked on the platform.

Bitget says as a reliable platform, it always strives to build a healthy environment for builders to develop a better version of the crypto world. In line with the vision, Bitget has set aside a 5 Million USD Builders’ Fund to support affiliates, influencers, and professional traders who have suffered from the FTX incident. Those affiliates could apply for the Builders’ Fund financial aid with the required credentials. For more details on the application criteria and related terms & conditions, please refer to our announcement on our official website.