Crypto industry pledges over $3M to victims of Hong Kong’s deadliest fire

Over HK$32 million (more than $3 million) was pledged by cryptocurrency firms to support victims of the Tai Po tower fire, one of Hong Kong’s deadliest residential blazes in decades. The commitments followed the November 26, 2025 inferno at Wang Fuk Court, where officials reported between 83 and 128 deaths and hundreds still unaccounted for across the dense residential blocks.

Crypto firms emerged as early and fast-moving donors

Major exchanges and industry figures mobilized rapidly, sending funds toward emergency aid and family support for displaced residents. Bitget led contributions with HK$12 million (about $1.54 million), followed by HK$10 million each from Binance and HashKey Group, while the MEXC Foundation added HK$5 million and individual entrepreneurs boosted the total beyond HK$32 million.

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

Beyond the crypto sector, private corporations and authorities mounted significantly larger relief efforts. Prudential Hong Kong pledged HK$20 million, more than 40 private enterprises committed over HK$600 million, and the government established a HK$300 million fund that included HK$10,000 for each affected household. The pattern illustrates the crypto industry operating as a swift responder within a broader multi-layered aid network.

The Wang Fuk Court fire — a complex of nearly 2,000 units housing around 4,800 residents — spread quickly after reportedly igniting in bamboo scaffolding and renovation netting. The scale of destruction was fueled by dense living conditions and ongoing construction, prompting formal investigations by fire and police officials into potential safety failures.

The sector’s donation wave also coincided with broader strategic positioning in Hong Kong’s evolving digital-asset framework. Hong Kong has pushed to become a regional crypto hub through trading-platform licensing, tax advantages and a regulatory stance that encourages virtual-asset development. HashKey Group, identified as a licensed local leader with strong market share, has expanded into tokenized securities with traditional financial partners, reflecting the territory’s shifting capital-markets structure.

Even firms facing local limitations participated in relief pledges. Philanthropy provided direct humanitarian support while simultaneously reinforcing industry reputation, signaling that corporate citizenship may advance commercial positioning alongside community recovery.

The crypto industry’s concentrated contribution of more than HK$32 million highlights both its liquidity and its increasing visibility in large-scale disaster relief amid regulatory scrutiny. The response demonstrated rapid capital deployment while raising questions about the long-term role of virtual-asset firms in public-crisis support.