The cryptocurrency token of a well-known cryptocurrency exchange fell by 50%

on October 7, the crypto market experienced abnormal volatility in the value of BGB, a token of the Bitget exchange.

The volatility lasted for several tens of minutes, after which the market stabilized. The Bitget exchange team reported that the market value of the token dropped by 50%, from $ 1.1 to less than $ 0.7. After the spike, the price rose to $ 1,065.

The Bitget exchange assured that it guarantees the safety of users' assets. «We sincerely apologize for any impact this event may have had on you. Bitget will fully compensate for any loss of assets. We will provide a compensation plan within 24 hours and complete the compensation process within 72 hours,» Bitget promised.

The Bitget exchange team will be able to announce the reason for the short-term abnormal drop in BGB after the investigation is completed.