The crypto industry mobilizes: $3.2 million for Hong Kong disaster victims

A devastating fire hit the Wang Fuk Court complex in Hong Kong, causing more than 128 casualties and marking the deadliest tragedy in the city in 80 years. In response to this catastrophe, the crypto industry reacted quickly and generously, pledging over 3 million dollars to support the victims.

Hong Kong: an unprecedented tragedy and an immediate crypto response

On November 25, 2025, a fire broke out in the Wang Fuk Court residential complex in Tai Po, Hong Kong. Within two days, the flames spread to seven high-rise buildings, causing the death of at least 128 people. This event, described as the deadliest in 80 years, left hundreds of families homeless and distressed. In this tragic context, the crypto industry was among the first to respond. Justin Sun, founder of Tron Network, expressed his sadness and promised a donation for relief efforts.

Bitget, one of the major crypto exchanges, allocated 12 million Hong Kong dollars, distributed among three local organizations to:

• Cover medical care;
• Temporary housing;
• Psychological support. 

Binance and KuCoin also contributed, with respective donations of 1.28 million and 256,000 dollars. Animoca Brands, a Hong Kong-based Web3 company, launched a fundraiser through EVM-compatible wallets, collecting over 171,000 dollars in a few days.

These initiatives demonstrated how the crypto industry can mobilize resources quickly and effectively in times of crisis, offering a glimmer of hope in a desperate situation.

Crypto and humanitarian aid: a growing role in global crises

The crypto industry no longer just revolutionizes finance. It is now establishing itself as a key player in humanitarian efforts. Crypto donations offer several advantages, including:

• Speed of transactions;
• Transparency of funds;
• Mobilization of a global community. 

In Hong Kong, these advantages allowed a real-time reaction to an unprecedented tragedy, and examples abound. During the war in Ukraine or the earthquakes in Turkey, crypto played a crucial role by facilitating international donations. This strengthens the legitimacy of the crypto industry as a humanitarian tool.

Risks and challenges of cryptocurrency fundraisers

The crypto industry’s response to the Hong Kong tragedy shows how cryptocurrency donations can turn promises into concrete actions. Yet risks remain. Indeed, in 2022, during the Freedom Convoy movement in Canada, 22 bitcoin (about $968,000 at the time) were raised in crypto to support protesters. Part of the funds was frozen by exchanges under government pressure. Additionally, allegations of misappropriation or mismanagement appeared, with no clear evidence of their final use.

Therefore, coordination with local authorities, converting cryptos into tangible aid, and managing transparency remain major challenges. In Hong Kong, Bitget and Animoca Brands have promised to publish donation receipts, which is a big step in the right direction.

The crypto industry thus demonstrates its ability to respond quickly and efficiently to the Hong Kong tragedy. More than 3 million dollars have been pledged, providing crucial support to victims. With UNHCR adopting blockchain for better aid distribution to refugees, one question must be asked: can crypto really become a pillar of global humanitarian efforts?