The cryptocurrency sector pledged more than $3 million to support victims of Hong Kong’s deadliest recent fire, which broke out on April 10, 2024 at the Wang Fuk Court complex in Tai Po District. The fast influx of aid, driven mainly by major exchanges and Web3 companies, arrived as authorities and relief groups worked to contain the two-day blaze that consumed seven high-rises and claimed at least 128 lives.
Crypto-funded relief moved quickly across borders
Centralized exchanges and blockchain firms contributed the highest totals, with Bitget donating $1.5 million, Binance $1.28 million, and KuCoin roughly $256,000. A token-based fundraiser also expanded the relief effort, collecting contributions via EVM and Solana wallets and committing to convert 100% of proceeds to Hong Kong dollars for the Red Cross while publishing receipts.
Bitget has allocated HK$12 million to fully support families affected by the fire at Hong Fuk Court in Tai Po, Hong Kong, and the community's reconstruction efforts. The donation has been entrusted to three of Hong Kong's most credible charitable organizations for execution:…
— Gracy Chen @Bitget (@GracyBitget) November 28, 2025
Other notable participants included a high-profile founder alongside smaller companies and private donors who added to the collective effort. Bitget CEO Gracy Chen publicly expressed support for those affected, and contributions were delivered within days, highlighting the sector’s strength in rapid, cross-border value transfer.
The mobilization showcased core advantages frequently attributed to crypto-based relief — speed and borderless settlement. While fast disbursement proved valuable for urgent aid, observers noted that the effort also aligns with the industry’s ambition to solidify its presence within Hong Kong’s evolving financial landscape.
Analysts viewed the response through both humanitarian and strategic lenses. The donations emerged during ongoing debate about regulation and sector credibility, with some interpreting the philanthropy as evidence of industry maturity and others calling for stronger oversight of conversion and reporting practices.
Ultimately, the sector’s collaborative pledges delivered immediate financial support to victims while sparking longer-term questions surrounding transparency, accountability, and sustained engagement. Crypto firms demonstrated their capacity for responsive relief, but the event also amplified calls for clearer frameworks around donation flow and monitoring.