HTX, Bitget to donate trading fees to Slerf community after $10m incident

HTX, Bitget, and BingX have pledged to donate trading fees to support the Slerf community after the anonymous meme coin developer accidentally burned $10 million in presale funds.

Crypto exchanges HTX (formerly Huobi), Bitget, and BingX have announced their commitment to donate proceeds generated from trading activities involving the Slerf token to investors who took part in private sales but suffered losses due to the accidental burning of a significant portion of the token supply by the project’s developer.

In an X announcement on Mar. 19, crypto mogul Justin Sun said that HTX will allocate trading fees to “everyone who participated in private sale on HTX,” adding that the exchange will also donate some HTX for Slerf’s trading fee mining on its platform without elaborating on the matter further.

As No.1 trading markets for @Slerfsol, HTX have decided to donate all Slerf trading revenue on @HTX_Global and allocate it to everyone who participated in private sale on HTX, as well as donate some #HTX for Slerf’s trading fee mining on https://t.co/y7nJ0Tgrcj! User first！

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 19, 2024

Shortly after Sun’s announcement, Bitget’s managing director, Gracy Chen, also shared in a social media post that Bitget would donate all SLERF trading fees to the Slerf community, particularly aiding those involved in the presale. Chen indicated that Bitget would disclose the donation details on a weekly basis.

#Bitget is willing to support the #SLERF community! @Slerfsol 🩷

We will donate all #SLERF trading fees on Bitget to the #SLERF community, helping those participating in the presale. And the donation details will be unveiled every week.

WAGMI 💪

— Gracy Chen @Bitget (@GracyBitget) March 19, 2024

You might also like: Solana meme coins move 24-hour DEX volumes above competitors

Similarly, Singapore-headquartered BingX also announced its intention to donate trading fees generated from users’ SLERF spot trades. Additionally, the exchange plans to airdrop future BingX World Debut tokens to addresses that participated in the Slerf private sale but did not receive SLERF tokens.

In support of the @Slerfsol community, #BingX has decided to:

1. Donate the trading fees generated from users’ $SLERF Spot trades on BingX.

2. Airdrop future BingX World Debut tokens to addresses that participated in the Slerf private sale but didn’t receive $SLERF tokens… https://t.co/PL0mfOt37O

— BingX (@BingXOfficial) March 19, 2024

Other crypto companies like LBank also pledged to support Slerf as the meme coin’s capitalization rose to $612 million, making it the eighth largest meme coin in terms of market value. Crypto exchange MEXC, which was among the first centralized trading platforms to list SLERF following the craze, hasn’t announced any plans to donate funds to the Slerf community as of press time.

The latest development follows the news that the anonymous developer of Slerf accidentally burned $10 million in SOL tokens raised from presale investors. It was later revealed that the developer had allegedly also pledged $200,000 in SOL tokens to the project before accidentally burning the funds. Despite the incident, market speculators aggressively pumped the token, driving in a moment its value up by over 5,000%, sending its price above the $1 mark.

Read more: Meme coin Slerf is making millionaires despite presale mishap

Source