Crypto exchange HTX has launched a $100 million USDT airdrop to help traders recover from the $19 billion market wipeout on Oct. 11 that sent Bitcoin to multi-month lows.
- HTX has launched a $100 million USDT airdrop to help traders recover from the Oct. 11 liquidation event.
- Eligible users who lost at least 100 USDT between Oct. 9 and 11 can claim up to 5,000 USDT in futures coupons.
According to an Oct. 20 announcement, HTX has launched the Sail Together initiative that will run through to Nov. 15, during which crypto traders, irrespective of their platform or region, can claim up to 5,000 USDT in loss-rebate airdrops.
On Oct. 11, the crypto market witnessed one of the largest liquidation events in its history, during which more than $19 billion in leveraged positions were wiped out within hours. The situation escalated after former U.S. President Donald Trump accused China of being “very hostile” and threatened steep new tariffs that triggered fears of an all-out trade war and a wave of panic across global risk markets.
Bitcoin price, which was hovering over $124,000, fell to lows around $104,000 within hours as the liquidation event unfolded, and estimates at the time suggested over 1.6 million traders had been affected.
Who are eligible to receive the airdrop?
HTX hopes to help crypto traders recoup some of those losses via its recent initiative, and only those who have incurred trading losses of at least 100 USDT between Oct. 9 at 4:00 p.m. UTC and Oct. 11 at 3:59 p.m. UTC would be eligible.
Claimants must also create an HTX account and get Level 1 KYC verified before the event ends to be able to receive the airdrop.
HTX will distribute futures coupon packages ranging from 50 to 5,000 USDT, depending on the size of the user’s trading losses, that will be verified using screenshots, and the level of activity on their HTX futures account after registration.
A futures coupon is a type of bonus or voucher issued by cryptocurrency exchanges that can be used to offset trading costs, cover losses, or act as collateral for opening positions.
“Through tangible incentives and genuine support, HTX aims to help users quickly recover from setbacks and rebuild confidence. It also calls on more industry peers to join forces in promoting the healthy and sustainable development of the crypto sector,” the exchange wrote.
Binance announces $400M Together Initiative
HTX’s announcement comes less than a week after Binance announced a $400 million support package under the “Together Initiative,” which also takes a similar route in offering targeted relief to both retail and institutional users affected by the market crash.
Of the total amount, $300 million has been set aside in token vouchers for retail traders whose liquidation losses on October 10 and 11 exceeded $50 and accounted for at least 30% of their total account value.
The remaining $100 million will be distributed as low-interest loans to institutional clients impacted during the liquidation event.
