Key Takeaways
- A fire that tore through a Tai Po apartment complex on Wednesday was Hong Kong’s worst in decades.
- Local and international businesses have pledged hundreds of millions of Hong Kong dollars to support rescue and recovery.
- Crypto exchanges are among the top donors.
As firefighters finally brought flames under control on Friday morning, victims of a fire in Hong Kong’s Tai Po neighborhood face the devastating loss of their homes and loved ones.
In a city known for its thriving digital asset sector, prominent crypto firms are among the businesses that have stepped up to support victims, donating tens of millions of dollars between them.
Businesses Step Up After Devastating Hong Kong Fire
With at least 128 reported dead and around 200 still missing, a fire that ripped through the Wang Fuk Court apartment complex on Wednesday was Hong Kong’s worst in seventy years.
According to official counts, over 1,000 people have been evacuated to temporary shelters, with more recovering from burns in hospitals across the city.
Local and international businesses are among those that have pledged funds to support the rescue and recovery efforts.
By Wednesday evening, over forty companies had announced contributions exceeding HK$600 million, local media reported. And the donations continue to roll in.
Crypto Exchanges Among Top Donors
Some of the largest pledges include HKD $30 million each from the Chinese Big Tech firms Ant Group and Tencent.
Meanwhile, the digital asset sector has also rallied behind the cause, with crypto firms among some of the most generous.
Bitget: $12 Million HKD
Although it withdrew its application for a crypto license there in 2023, Bitget maintains a presence in Hong Kong, where it continues to run events and engage with the local crypto community.
In a press release shared with CCN, the company said it would donate $12 million HKD to support victims of the Tai Po fire, more than any other crypto firm so far.
$5 million HKD will go to Yan Chai Hospital, while the Hong Kong branch of the Salvation Army and local charity Po Leung Kuka will each receive $3.5 million HKD.
Binance: $10 Million HKD
For its part, Binance has pledged $10 million HKD to support Tai Po residents affected by the fire.
The funds will be donated “through relevant channels” to provide “tangible assistance for disaster relief and subsequent reconstruction efforts,” the company announced on X.
Hashkey Group: $10 Million HKD
Hashkey Group, which operates one of the few licensed crypto exchanges in Hong Kong, announced a donation of $10 million HKD “to support the emergency response and resettlement efforts” for residents affected by the fire.
OKX: $10 Million HKD
In an announcement on Thursday, OKX said it would contribute $10 million HKD “to support urgent relief efforts and help the city recover.”
HKX and Tron: $10 Million HKD
HKX and Tron, both of which have ties to Justin Sun, have joined forces to make a $10 million HKD donation.
The money will be used “to support frontline rescue, resettlement, and living assistance for the Tai Po fire in Hong Kong,” HTX said in a statement.
Other Crypto Firms Pledged Money to Support Fire Victims
Beyond the large centralized exchanges, an outpouring of support has also come from smaller crypto companies.
Other donors include ViaBTC ($3 million HKD), Matrixport ($3 million HKD), and KuCoin ($2 million HKD).
Business leaders are also dipping into their personal wealth to make donations.
Between them, the management and shareholders of OSL Group have contributed $3 million HKD.
Crypto billionaire Justin Sun has also suggested he would donate.
Finally, Animoca Brands is running a token fundraiser and appealing to the public to donate.
The company said it would convert all donations into HKD, covering any gas fees and giving the proceeds to the Hong Kong Red Cross’s emergency appeal.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
