Crypto Industry Donates Over $3 Million to Support Victims of Hong Kong's Deadliest Fire

Major players in the cryptocurrency sector are stepping up to support victims of a tragic fire that engulfed the Wang Fuk Court apartment complex in Hong Kong, resulting in the loss of at least 128 lives. Their collective contributions are part of a broader trend where crypto firms engage in meaningful relief efforts.

Key Takeaways

Over $3 million pledged to fire victims by cryptocurrency exchanges and Web3 companies.
Bitget, Binance, and KuCoin are the main contributors.
Animoca Brands is holding a token-based fundraiser for the Hong Kong Red Cross.
Cryptocurrency donations are becoming crucial for relief efforts in disaster-stricken areas.

Crypto industry pledges over $3M to victims of Hong Kong’s deadliest fire in decades

Contributions from the Crypto Sector

Several leading cryptocurrency exchanges and Web3 firms have committed millions to aid victims of a catastrophic fire at the Wang Fuk Court apartment complex, located in Hong Kong's Tai Po District. This event has highlighted the increasing involvement of the crypto industry in real-world humanitarian efforts.

Three centralized exchanges (CEXs) have publicly announced donations totaling $24.78 million Hong Kong dollars (approximately $3.19 million). The contributions include $1.5 million from Bitget, $1.28 million from Binance, and around $256,000 from KuCoin.

Bitget is the largest donor, with CEO Gracy Chen expressing hope for the swift recovery and reconstruction of the affected community. She stated on X that Bitget "stands with Hong Kong," emphasizing their support for the victims.

Source: Gracy Chen

The fire engulfed the Wang Fuk Court complex on Wednesday and, within two days, spread through seven high-rise buildings before being controlled. Media reports describe this incident as Hong Kong’s deadliest fire in 80 years.

Fundraising Initiatives

In addition to donations from exchanges, the Hong Kong-based Web3 company Animoca Brands has begun a token-based fundraiser aiming to collect additional support from the crypto community. This initiative utilizes an Ethereum Virtual Machine (EVM) wallet and a Solana wallet address to gather funds.

The fundraising campaign will run until December 2, with Animoca Brands promising to convert all proceeds into Hong Kong dollars by December 3 to aid the Hong Kong Red Cross's relief efforts. To ensure transparency, Animoca will share a donation receipt detailing the final amount collected and donated.

Animoca Brands’ EVM-compatible donation wallet. Source: app.Nansen.ai

As of the latest updates, Animoca’s EVM-compatible wallet has received approximately $171,000, while its Solana wallet has gathered around $1,500 in donations.

Justin Sun, founder of the Tron Network, has also expressed his support by pledging an undisclosed amount to assist the fire victims.

The Role of Crypto Donations in Disaster Relief

Cryptocurrency donations have increasingly become a vital resource for regions affected by disasters and for economies where traditional banking is lacking. In 2024, donations using cryptocurrencies surpassed $1 billion due to substantial transfers aimed at supporting victims of earthquakes in Thailand and Myanmar.

Notably, Binance co-founder Changpeng “CZ” Zhao donated nearly $600,000 to the disaster relief efforts following a significant earthquake that hit both countries. Additionally, Ethereum co-founder Vitalik Buterin has demonstrated his philanthropic spirit by contributing over $180,000 in Ether to the biotech charity Kanro in October 2024.