Crypto exchange Bitget promised Monday to remunerate holders of its Ethereum-based BGB token, shortly after the cryptocurrency lost more than half its value in a sudden “flash crash.”

The token plunged roughly 52% to $0.54 from $1.14 at around 10:30pm ET on Sunday before recovering most of its value within an hour, according to CoinGecko data. 

Bitget attributed the flash crash to “unexpected volatility” in the crypto market in a Twitter (aka X) post on Monday. In the post, the company said it will issue a repayment plan to BGB holders in 24 hours, completing the compensation process in 72 hours.

Go to Source to See Full Article
Author: Liz Napolitano