Bitget will compensate eligible users affected by the abnormal mark price incident on Aug. 9, with total compensation approaching $40 million, according to Xie Jiayin, the exchange's head of Greater China. The incident involved three trading pairs, including TUT, whose mark prices moved abnormally during the period. Xie said the compensation will be calculated based on each user's account equity at 15:00 that day, and it will cover losses caused by the forced liquidation of short positions during the unusual price swings. He reiterated Bitget's commitment to its 'exchange with warmth' philosophy, saying the platform will continue to protect the interests of retail, VIP and institutional clients. After the incident is handled, Bitget will conduct a review and keep iterating on its products and related mechanisms, he added. The announcement was reported by ChainCatcher. The exchange noted that the plan applies only to users who meet the eligibility criteria and are affected by the event.
Bitget will compensate eligible users affected by the abnormal mark price incident on Aug. 9, with total payouts nearing $40 million, according to Xie Jiayin, the exchange's head of Greater China.
Xie said the issue involved three trading pairs, including TUT, where mark prices behaved abnormally during that period. The compensation baseline is the account equity recorded at 15:00 that day, and the payout will deal with losses tied to short positions that were forcibly liquidated amid the abnormal swings.
He also said Bitget will stay true to its 'exchange with warmth' philosophy and continue safeguarding user interests across retail, VIP and institutional clients. Once the case is settled, the platform will review the incident and keep improving its products and related mechanisms, he added.
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