Crypto Exchanges Pledge $3M for Hong Kong Fire Relief Effort
Major cryptocurrency exchanges and Web3 firms have pledged more than $3 million to support victims of the fire at the Wang Fuk Court apartment complex in Hong Kong’s Tai Po District, described by local media as the city’s deadliest blaze in 80 years. The incident has claimed at least 128 lives.
Three centralized exchanges have publicly committed a combined HK$24.78 million ($3.19 million). The contributions include $1.5 million from Bitget, $1.28 million from Binance, and approximately $256,000 from KuCoin.
Bitget said the funds will assist community reconstruction and recovery. CEO Gracy Chen shared the update on X on Friday, noting the platform’s support for affected residents.
The two-day fire began on Wednesday at the Wang Fuk Court complex and spread across seven high-rise buildings before being extinguished on Friday, according to reports.
Hong Kong-based Web3 firm Animoca Brands launched a token-based fundraiser, inviting contributions via an Ethereum Virtual Machine (EVM) wallet and a Solana (SOL) address. Donations are being accepted until Dec. 2, with the company pledging to convert 100% of proceeds to Hong Kong dollars by Dec. 3 for the Hong Kong Red Cross. Animoca said it will publish a donation receipt detailing the total amount raised and transferred.
At the time of writing, Animoca’s EVM-compatible wallet had received $171,000, while its Solana wallet held $1,500 in contributions, according to data from Nansen.
Animoca Brands’ EVM-compatible donation wallet. Source: app.Nansen.ai
Tron Network founder Justin Sun also pledged an undisclosed amount to support the victims.
Crypto donations serve as emergency relief channel
Cryptocurrency-based giving has become a notable tool for disaster response and for regions with limited banking infrastructure. In 2024, crypto donations surpassed $1 billion, supported by large-scale transfers for victims of the earthquake in Thailand and Myanmar.
Binance co-founder Changpeng “CZ” Zhao donated nearly $600,000 to relief efforts in April 2024 following the 7.7 magnitude earthquake that struck Thailand and Myanmar on March 28. In October 2024, Ethereum co-founder Vitalik Buterin contributed over $180,000 in Ether (ETH) to the biotech charity Kanro.
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