The crypto industry pledged roughly HK$78,000,000 (about US$10,000,000) to support victims of the Wang Fuk Court fire in Tai Po on November 26, 2025, marking one of the fastest private relief flows in response to Hong Kong’s largest recent residential blaze.
This combined action integrated direct cash commitments from major exchanges with a token-based fundraiser converted into Hong Kong dollars, demonstrating crypto’s speed in cross-border aid distribution.
Industry commitments reveal scale, speed and coordination
Leading digital-asset firms made substantial pledges. Bitget committed HK$12,000,000, while Binance, HashKey Group, OKX, HKX & TRON (joint) and Crypto.com each pledged HK$10,000,000. Additional donations included HK$5,000,000 from MEXC Foundation, HK$3,000,000 each from ViaBTC, Matrixport and OSL Group management and shareholders, and HK$2,000,000 from KuCoin. Animoca Brands operated a token fundraiser with a commitment to convert all proceeds to Hong Kong dollars for the Hong Kong Red Cross while absorbing gas fees to prevent friction and value loss during settlement, bringing the sector’s total package to about HK$78,000,000.
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
A token fundraiser is defined as a structure where crypto tokens are issued or collected from donors and then converted into fiat for distribution. Animoca’s approach clarified conversion mechanics by explicitly taking on gas fees, ensuring that net funds delivered in HKD matched donor intent.
Beyond crypto, local and global corporations mobilized significant resources as well. Alibaba and Ant Group pledged HK$30,000,000, Xiaomi committed HK$10,000,000 and the finance sector aggregated roughly HK$250,000,000, with entertainment groups and fan communities contributing further sums. These broader efforts position crypto philanthropy within a larger ecosystem, enabling comparisons across speed, scale and conversion practices.
In terms of settlement dynamics, crypto donations offer near-instant cross-border transfer capability, eliminating delays common in traditional banking rails. However, this speed introduces an operational step: on-chain assets must be converted into local currency, relying on exchange liquidity, ramp capacity and counterparty management for smooth delivery.
Transparency considerations also shape donation workflows. On-chain visibility enhances auditability only when paired with complete conversion trails into fiat and documented disbursement records. By converting to HKD and covering gas fees, token fundraisers reduce uncertainty about net funds reaching recipients. Exchanges and custodians handling large charity conversions must further manage market impact and slippage to preserve pledged value.
The relief effort unfolded against a backdrop of local concerns. Ongoing investigations tied to a major fraud case involving HK$1.6 billion in reported losses and HK$228 million in frozen assets reinforced the need for strict compliance, custodial robustness and transparent reporting when crypto firms serve as relief conduits.
The industry’s HK$78 million response highlights crypto’s strengths in rapid, programmable giving while emphasizing that conversion integrity, compliance standards and disclosure practices remain central to future readiness.