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Bitget to Cushion the Fall of FTX Customers With $5Million Builders’ Fund

The cryptocurrency exchange Bitget sets aside a $5million Builders’ Fund to help affiliates, influencers and professional traders distressed by the FTX collapse.

The fall of FTX has cost consumers between $1billion and $2billion estimates Reuters, worsened still by the hacking of the exchange’s wallet post its bankruptcy protection filing.

The chaos of the exchange’s fall from high heights comes as a detriment to consumers and industry alike, with the majority of funds being completely wiped out.

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 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’s Builder’s Fund

For this measure, the cryptocurrency exchange Bitget has set aside a Builders’ Fund worth $5million. The fund seeks to support affiliates, influencers, and professional traders who have suffered financial loss from the FTX incident.

To be eligible to receive financial aid from the fund, applicants must meet either of the following credentials:

  1. If you are a partner with an Affiliate Account with FTX, or
  2. Having greater than 50,000 USDT in assets or a monthly transaction volume greater than 10million USDT (including spot and futures) at FTX within the past 30 days.
Managing Director of Bitget
Gracy Chen, managing director, Bitget

“We have prepared a $5million ‘Builders’ Fund’ to help those innocent victims with different assistance,” Gracy Chen, the exchange’s managing director told outlets this week.

“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,” Chen continues.

“During this dark time, we should join forces, help each other, and wait for dawn.”

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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