Crypto Exchanges Pledge $3.2M Donations To Hong Kong Fire Victims

A number of the world’s greatest cryptocurrency exchanges and Web3 firms have pledged thousands and thousands of {dollars} to assist victims of the lethal fireplace on the Wang Fuk Courtroom residence complicated in Hong Kong’s Tai Po District, highlighting the sector’s rising function in real-world aid efforts.

Three centralized crypto exchanges (CEXs) have publicly pledged to donate $24.78 million Hong Kong {dollars} ($3.19 million) to assist the victims of the devastating fireplace, which claimed the lives of a minimum of 128 residents.

The donations included $1.5 million from Bitget change, $1.28 million from Binance, and about $256,000 from KuCoin change.

Bitget contributed the biggest share, aiming to assist reconstruction and restoration within the affected group, Bitget CEO Gracy Chen said Friday on X, including that the change “stands with Hong Kong, wishing affected residents a swift restoration and rebuilding of their properties.”

The 2-day fireplace started on Wednesday on the Wang Fuk Courtroom complicated and unfold to seven high-rise buildings earlier than being extinguished on Friday, in what the media have described as Hong Kong’s deadliest fireplace in 80 years.

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Hong Kong-based Web3 mental property firm Animoca Manufacturers has additionally began a token-based fundraiser, aiming to gather funds from the crypto group by way of an Ethereum Digital Machine (EVM) and a Solana (SOL) pockets handle.

The fundraiser is amassing donations till Dec. 2. The corporate pledged to transform 100% of the proceeds to Hong Kong {dollars} by Dec. 3, to assist the aid efforts of the Hong Kong Purple Cross. For transparency, Animoca will put up a donation receipt displaying the ultimate quantity collected and donated, the corporate stated in a Thursday announcement.

Animoca’s EVM-compatible pockets had collected $171,000 whereas its Solana pockets collected $1,500 in cryptocurrency donations on the time of writing, according to cryptocurrency intelligence platform Nansen.

Tron Community founder Justin Solar additionally pledged an undisclosed quantity to the fireplace victims.

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Crypto donations emerge as catastrophe lifeline

Cryptocurrency-based donations have emerged as a big lifeline for disaster-stricken areas and underdeveloped economies missing banking infrastructure. 

In 2024, crypto donations surpassed $1 billion, pushed by large-scale transfers to the victims of the earthquake in Thailand and Myanmar.

Binance co-founder Changpeng “CZ” Zhao alone donated practically $600,000 to the catastrophe aid fund in April 2024, following a 7.7 magnitude earthquake that struck Thailand and Myanmar on March 28.

Ethereum co-founder Vitalik Buterin has additionally been recognized for his crypto donations. In October 2024, Buterin donated over $180,000 in Ether (ETH) to the biotech charity Kanro.