Xie Jiayin: Bitget announces compensation for affected users including TUT, totaling nearly $40 million

According to TechFlow, on August 10, Xie Jiayin, Head of Bitget Greater China, stated in a post that regarding the August 9 abnormal mark price incident involving 3 trading pairs including TUT, Bitget will compensate affected users who meet the criteria, with total compensation amounting to nearly $40 million. Compensation will be calculated based on users' account equity at 15:00 on that day, addressing relevant losses caused by forced liquidation of short positions during the period of abnormal price fluctuations.

Xie Jiayin also stated that Bitget will continue to uphold the concept of a 'warm exchange', ensuring the protection of user rights and interests for retail, VIP, and institutional clients alike. After the incident is handled, the platform will continue to conduct reviews and promote continuous iteration of products and related mechanisms.