Major cryptocurrency players including Binance, HashKey, KuCoin, Bitget, and TRON have collectively committed HK$57 million (approximately $7.3 million) in immediate support following a devastating fire in a residential building in Tai Po, Hong Kong this past week.

The allocated funds will provide crucial assistance for relief operations as teams start recovery efforts.

Background of the Tai Po Fire

The incident initiated on November 26 at Wang Fuk Court, and has been labeled a Level 5 fire, the most severe classification, resulting in multiple fatalities and displacing many families. To date, at least 94 individuals have lost their lives, 76 others sustained injuries, and close to 300 individuals remain unaccounted for.

In response to this catastrophe, leading cryptocurrency firms are mobilizing aid to help with rescue operations, support those affected, and participate in rebuilding efforts. Together, these companies pledge HK$57 million for this humanitarian response.

“We extend our deepest condolences to all residents affected in Tai Po, and pray that the deceased rest in peace and the living remain strong,” said Binance. Meanwhile, HashKey expressed their solidarity, stating, “Our hearts are with all those affected by the tragic Tai Po fire in Hong Kong, a city that is home to the core of the HashKey community,” as stated by the company.

Binance, HashKey Group, and Avenir Group each contributed HK$10 million, while KuCoin donated HK$2 million. Additionally, Matrixport confirmed a donation of HK$3 million to bolster relief and recovery for both residents and emergency responders. Bitget is committing HK$12 million specifically for family support and community rebuilding, entrusting these funds to three reliable charitable organizations in Hong Kong. Moreover, TRON partnered with HTX to donate HK$10 million for ongoing rescue operations.

Historical Context of Crypto Benefaction

This instance is not the first time the cryptocurrency sector has rallied in response to emergencies. The industry is remembered for its generous contributions following natural disasters, such as the over $9 million sent to support Turkey and Syria post-earthquake in 2023. In another recent instance, Binance distributed BNB airdrops to users in Morocco’s most affected regions.

Additionally, numerous firms have provided substantial aid to support Ukraine through various organizations. This latest collective action aims to supply local groups with financial resources necessary for maintaining active relief operations.