On November 14, 2022, Bitget, one of the largest crypto exchanges, announced the creation of a “Capitalization Fund” worth $5 million. This fund is intended to help affiliates, influencers and professional traders who have been affected by the FTX collapse.
The fallout on the crypto market
Last week, the market witnessed the fall of FTX, and even worse, the platform announced that it had been hacked. This happened shortly after she filed for bankruptcy protection in the United States. The remaining funds in the company have been reduced to nothing. No one is winning from this chaos, which continues to harm the entire industry.
Due to the wide range of business offerings, the decline of FTX has inevitably caused a huge tidal wave on the entire Web3 industry, and the users of the platform are the most affected by this crisis. However, it is thanks to his talents and contributors that the FTX platform has had its heyday in the past. Today, they are the first to be affected by this chaos, seeing a huge amount of their assets blocked on the platform.
Bitget to the rescue of the crypto community
As a reliable and successful cryptocurrency exchange, Bitget always strives to create a healthy environment for market participants to positively impact the crypto industry. In line with this vision, Bitget has set up a $5 million “Capitalization Fund” to support affiliates, influencers and professional traders who suffered from the incident involving FTX. These users will be able to apply for financial assistance from the “Capitalization Fund” by presenting the required supporting documents. For more details on the application criteria and the associated terms and conditions, you can consult their announcement.
Gracy Chen, CEO of Bitget, said on Twitter : “ We have prepared a “Capitalization Fund” of 5 million dollars to help these innocent victims by providing them with various aids. Furthermore, we would like to use this initiative to deliver a message to the fearful market: Bitget, just like many other developers in the market, is working tirelessly to cultivate the cryptocurrency world. In this dark time, we must join forces, help each other, and wait for the dawn. »
About Bitget
Established in 2018, Bitget is in the Global Top 5 Exchanges for Innovative Products and Social Trading Services. There are currently more than 8 million users in around 100 countries around the world who take advantage of the services offered by Bitget every day. The platform is committed to providing users with complete and secure trading solutions, while actively working towards the adoption of cryptocurrencies by the general public. This involves partnerships with international luminaries: legendary footballer Lionel Messi, the legendary Juventus of Turin, the enormous PGL Major, and the leading esports organization Team Spirit, among others.
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