Some of the world’s largest cryptocurrency exchanges and Web3 companies have pledged substantial donations to aid victims of the deadly fire at Wang Fuk Court in Hong Kong’s Tai Po District, highlighting the growing role of crypto in real-world disaster relief.
Three major centralized exchanges (CEXs) committed a total of HKD 24.78 million (~$3.19 million) to support the affected community:
- Bitget: $1.5 million
- Binance: $1.28 million
- KuCoin: ~$256,000
Bitget CEO Gracy Chen emphasized that the exchange aims to support reconstruction and recovery, stating on X that Bitget “stands with Hong Kong, wishing affected residents a swift recovery and rebuilding of their homes.”
The fire, which began Wednesday at Wang Fuk Court, spread across seven high-rise buildings and was extinguished Friday. It claimed the lives of at least 128 residents, making it Hong Kong’s deadliest fire in 80 years.
Web3 Support Through Crypto Fundraising
Hong Kong-based Animoca Brands launched a token-based fundraiser via Ethereum Virtual Machine (EVM) and Solana wallets, accepting donations from the crypto community. The campaign will run until Dec. 2, with 100% of proceeds converted to Hong Kong dollars and donated to the Hong Kong Red Cross by Dec. 3. Animoca will post donation receipts for transparency.
At the time of reporting, Animoca’s wallets had collected $171,000 (EVM) and $1,500 (Solana). Additionally, Tron Network founder Justin Sun pledged an undisclosed amount to aid victims.
Crypto as a Disaster Relief Tool
Cryptocurrency donations are increasingly serving as a lifeline for disaster-stricken areas, especially in regions with limited banking infrastructure. In 2024, crypto donations exceeded $1 billion, driven by relief efforts for earthquakes in Thailand and Myanmar.
Prominent figures such as Binance co-founder Changpeng “CZ” Zhao and Ethereum co-founder Vitalik Buterin have actively contributed to relief efforts, demonstrating the growing influence of digital assets in humanitarian support.
This response to the Hong Kong fire underscores how crypto communities can mobilize quickly, providing timely financial aid when traditional systems may be slower to respond.