- Over 30 cryptocurrency firms and fundraising groups have contributed about $16 million to Hong Kong fire relief efforts.
- The funding followed a severe fire in Tai Po district that caused 159 fatalities and displaced thousands.
- Major contributions came from AB DAO, Bitget, and other leading crypto platforms.
- Grassroots donations reached nearly $1 million, primarily through wallets managed by Animoca Brands and Cobo.
- Most crypto donations were converted to Hong Kong Dollars before distribution, targeting charities like the Hong Kong Red Cross, Po Leung Kuk, and others.
In late November, a devastating fire broke out in the Tai Po district of Hong Kong, leading to at least 159 deaths and leaving thousands homeless. In response, more than 30 cryptocurrency companies and fundraising groups joined forces to raise around $16 million to support relief efforts.
The largest individual pledges came from AB DAO and Bitget, contributing $1.9 million and $1.5 million, respectively. Other significant donors, including Binance, HTX, OKX, Gate.io, Hashkey, and crypto.com, each committed about $1.3 million. Additional donations over $100,000 were made by MEXC, BingX, OSL, KuCoin, Matrixport, and mining pool ViaBTC. The BTSE Cares Foundation also provided volunteers, supplies, and an undisclosed financial contribution.
Along with corporate efforts, grassroots communities mobilized nearly $930,000 by donating to specific cryptocurrency wallet addresses created by Animoca Brands and Cobo. Projects such as Open Campus, Anichess, The Sandbox, Tower Ecosystem, and the Moca Foundation participated in these donations. Animoca Brands raised about $640,000 and Cobo gathered roughly $292,000, both directing funds to the Hong Kong Red Cross. The majority of these contributions were made using stablecoins on Ethereum Virtual Machine-compatible blockchains.
In the ten days following the incident, funds were allocated to various aid organizations. The Hong Kong Red Cross was the primary recipient, while Bitget distributed its $1.9 million donation among the Po Leung Kuk charity, the Salvation Army, and Yan Chai Hospital. Analysis shows that most cryptocurrency donations were converted into Hong Kong Dollars before reaching these agencies.
This coordinated effort demonstrates the cryptocurrency sector’s growing role in disaster relief. Similar fundraising activities occurred after floods and earthquakes in Turkey, Myanmar, and Thailand. Cryptocurrencies have also been used to support humanitarian efforts in conflict zones such as Myanmar and Ukraine, including through specialized digital currencies like the DMMK central bank digital currency designed for Myanmar’s opposition.
However, the evolving landscape has also seen a rise in crypto donation scams, with losses reaching approximately $300,000 during the year following the Ukraine invasion due to fake fundraisers. To address this challenge, guidance on secure and transparent crypto fundraising has been published to help reduce the impact of fraud on vital relief initiatives.
Further details can be found in reports on crypto fundraising for Ukraine and the 2025 State of Crypto Scams.
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