Regarding the abnormal price fluctuations in the reference prices of three trading pairs, including TUTUSDT, 龙虾USDT(LOBSTER), and BICOUSDT, here are the full recap:
🕙Timeline (GMT+8)
At 15:12 yesterday, we detected abnormal price fluctuations and immediately activated risk control measures, establishing an internal team to investigate the matter.
At 19:53, we publicly committed to announcing a compensation plan within 24 hours.
At 19:22 today, we released the public compensation announcement. For details, please see
bitget.com/support/articles-…
All affected accounts (retail and institutions) can register according to the steps in the announcement. We will complete the compensation distribution within 2 business days. This incident resulted in losses of nearly $40 million for users, and Bitget will provide compensation to those users.
I’ve been with Bitget for four and a half years, and together with the company and our users, we’ve weathered both bull and bear markets. I often say that a bear market is a “golden window for building,” and the first prerequisite for building is to live up to the trust placed in us.
Compensating all affected users is the right thing to do—and it’s how we “live up to that trust” amid the adversity of a bear market.
This incident has also made us to confront the some shortcomings—specifically, the OI-marked price mechanism and our risk control response in a market manipulation. We will continue to optimize our emergency response mechanisms, transforming every post-incident review into stronger platform capabilities. We will also tighten the listing criteria for crypto altcoin perpetual contracts and implement cleanup and restriction measures of listed altcoins.
We thank all users for your oversight, feedback, and patience. Trust should never be taken for granted, whether it comes from a retail user, a VIP, or an institution.
We hold this trust seriously. We will not waste it.