Crypto Exchanges, Web3 Firms Pledge Millions for Hong Kong Fire Relief

Article Highlights

• Crypto exchanges donate millions to Hong Kong fire victims.
• Significant contributions from Bitget, Binance, and KuCoin.
• Animoca Brands launches a token-based fundraising campaign.
• Crypto donations emerge as a lifeline for disaster-stricken regions.

Some of the world’s largest cryptocurrency exchanges and Web3 firms have pledged millions of dollars to support victims of the devastating fire at the Wang Fuk Court apartment complex in Hong Kong’s Tai Po District, underscoring the sector’s increasing involvement in real-world relief initiatives.

Three centralized crypto exchanges (CEXs) have publicly committed to donating $24.78 million Hong Kong dollars ($3.19 million USD) to aid those affected by the fire, which tragically claimed the lives of at least 128 residents.

The contributions include $1.5 million from Bitget exchange, $1.28 million from Binance, and approximately $256,000 from KuCoin exchange.

Bitget provided the largest single donation, aiming to bolster reconstruction and recovery within the affected community, Bitget CEO Gracy Chen stated Friday on X, adding that the exchange “stands with Hong Kong, wishing affected residents a swift recovery and the rebuilding of their homes.”

The two-day blaze began Wednesday at the Wang Fuk Court complex, rapidly spreading to seven high-rise buildings before being extinguished Friday. Media outlets have described it as Hong Kong’s deadliest fire in approximately 80 years.

Hong Kong-based Web3 intellectual property company Animoca Brands has also initiated a token-based fundraiser, seeking to gather funds from the crypto community via an Ethereum Virtual Machine (EVM) and a Solana (SOL) wallet address.

The fundraising campaign is accepting donations until Dec. 2. The company has pledged to convert 100% of the proceeds into Hong Kong dollars by Dec. 3 to support the Hong Kong Red Cross's relief operations. Animoca will post a donation receipt showing the final amount collected and donated for transparency, the company announced Thursday.

Animoca’s EVM-compatible wallet had collected $171,000, while its Solana wallet received $1,500 in cryptocurrency donations at the time of this report, according to cryptocurrency intelligence platform Nansen.

Tron Network founder Justin Sun also pledged an undisclosed sum to support the fire victims.

Crypto Donations Emerge as Disaster Lifeline

Cryptocurrency-based donations have become an important lifeline for disaster-affected areas and underdeveloped economies lacking established banking infrastructure.

In 2024, crypto donations surpassed $1 billion, fueled by substantial transfers to victims of the earthquakes in Thailand and Myanmar.

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

Ethereum co-founder Vitalik Buterin is also well-known for his crypto donations. In October 2024, Buterin donated over $180,000 in Ether (ETH) to the biotech charity Kanro.