Bitget Allocates Nearly $40M to Compensate Users for Abnormal Price Glitches

Bitget commits nearly $40M to reimburse users for forced liquidations caused by price marking errors on three pairs, including TUT, on August 9.

Woofun AI reports that Bitget will compensate eligible users nearly $40 million following abnormal price marking issues on three cryptocurrency pairs, including TUT, on August 9. The payout addresses losses from forced short position liquidations during the volatility event, calculated based on account balances at 15:00 on that day.

Xie Jiayin, head of Bitget's Greater China region, stated the exchange will maintain its "compassionate exchange" philosophy to protect retail, VIP, and institutional clients. The platform plans to conduct further reviews to improve product mechanisms after resolving the incident.