The crypto industry pledged roughly HK$68.78 million (about US$8.82 million) to victims of the Tai Po Wang Fuk Court blaze, one of Hong Kong’s deadliest recent fires.
Pledges were made within days of the November 26, 2025 incident, providing rapid liquidity for emergency relief and reconstruction while authorities investigate the cause.
Sector contributions, allocation intent and fundraising structure
The donation flow drew from exchanges, foundations and individuals, and was directed toward emergency needs, medical care, resettlement and longer-term community rebuilding. Reported commitments include Bitget HK$12,000,000; Binance HK$10,000,000; HTX and TRON jointly HK$10,000,000; OKX HK$10,000,000; MEXC Foundation HK$5,000,000; ViaBTC HK$3,000,000; Matrixport HK$3,000,000; Ju.com HK$2,000,000; Wealth Securities HK$1,000,000; Hong Kong Xiaofei Asset Management HK$780,000; and Qian Fenglei’s personal HK$12,000,000 donation. Animoca Brands organized a token-based fundraiser with pledged conversions scheduled for December 3, 2025 following a collection window that closed December 2, 2025.
Bitget has allocated HK$12 million to fully support families affected by the fire at Hong Fuk Court in Tai Po, Hong Kong, and the community's reconstruction efforts. The donation has been entrusted to three of Hong Kong's most credible charitable organizations for execution:…
— Gracy Chen @Bitget (@GracyBitget) November 28, 2025
The combined crypto-sector total was reported at HK$68.78 million, and this figure materially exceeded early summaries that framed donations as “over $3M,” reflecting aggregation only after full disclosures were published. Casualty estimates differed as reporting evolved, with initial tallies at 94 deceased and later accounts citing at least 128, a divergence attributed to developing information in an active emergency. Preliminary assessments indicated that bamboo scaffolding and foam insulation contributed to rapid fire propagation, a finding noted by investigators.
Hong Kong’s goal of becoming a crypto hub shaped the context of these donations, and industry participation unfolded against a regulatory backdrop described as more permissive toward digital-asset activity. Licensed trading-platform requirements and capital-attraction policy framed the moment, while traditional donors such as the Jack Ma Foundation, Alibaba and Ant Group contributed US$8 million and the Hong Kong Jockey Club pledged HK$70 million.
The relief flow illustrates dual themes of capability and exposure. Near-instant transfers and token conversions enabled rapid fund deployment, but the same speed challenges auditability and conversion-trail transparency without strong documentation. Enforcement pressures remain, with a cited HK$1.6 billion fraud case involving a trading platform resulting in criminal charges and reinforcing regulatory sensitivity to scams and deepfake-enabled schemes.
Overall, the HK$68.78 million crypto-sector response demonstrated fast, cross-border value delivery while simultaneously testing the sector’s transparency and reporting discipline.
