Tai Po Blaze Sparks Rapid Crypto-Led Relief In Hong Kong
Flames engulfed Wang Fuk Court in Tai Po since 26 November, sweeping through eight high-rise residential blocks and affecting more than 1,900 flats.
The blaze, classified as a No. 5 alarm which is the highest level in Hong Kong, has claimed at least 94 lives, including a firefighter, and injured 76, among them 11 firefighters.
Full-scale rescue operations are still on-going.
Authorities have traced the rapid spread of the fire to highly flammable styrofoam used in renovation works that have been underway since July 2024, shrouded in bamboo scaffolding and green mesh.
Three individuals connected to the contractor behind the renovations, two directors and a consultant, have been arrested for manslaughter, while separate graft investigations are underway regarding the HK$330 million repair project.
How Crypto Companies Moved Faster Than Traditional Institutions
As emergency services battled the blaze, Hong Kong’s crypto industry mounted a swift and visible relief effort.
Within hours, major exchanges announced donations running into millions of Hong Kong dollars to support rescue operations and aid affected residents.
Binance led the charge with HK$10 million, matched by local heavyweight HashKey.
Gate.io contributed HK$10 million, while KuCoin added HK$2 million, as confirmed through PAnews and Foresight News coverage.
OKX has also stepped up, contributing HK$10 million to support urgent relief efforts and help Hong Kong recover.
Animoca Brands went further, opening dedicated crypto wallets to channel donations directly to the Hong Kong Red Cross and local charities.
The company invited global contributors to donate via EVM-compatible and Solana chains, pledging to convert all tokens into Hong Kong dollars and cover conversion fees, with the proceeds fully directed to relief efforts.
Yat Siu, co-founder and executive chairman of Animoca Brands, said,
“As a Hong Kong headquartered company, we are heartbroken by the tragedy and horror of the fire in Tai Po.
We encourage the global crypto community to help fund relief and recovery efforts for the thousands of people affected by this disaster, either by donating directly to relief organizations or via the wallets we have set up to facilitate crypto donations of liquid tokens.”
As of 28 November, the total pledged by the crypto sector exceeds HK$40 million (~US$5.14 million).
Justin Sun has also expressed support and an intention to donate, though no confirmed transaction or amount has yet been reported.
Crypto Response Shows Commitment to Community
HashKey and Binance issued relief statements within 24 hours, offering both financial support and logistical assistance while the fire remained a top news story.
This rapid engagement contrasts with slower responses from traditional financial institutions and highlights the growing influence and integration of crypto firms in Hong Kong’s social and economic fabric.
Rebuilding Trust And Credibility Through Community Action
Hong Kong is actively positioning itself as Asia’s digital asset hub, drawing exchanges, venture firms, and token issuers under new licensing frameworks.
In this context, supporting local communities during a disaster reinforces public trust and strengthens the industry’s standing with regulators, who are increasingly scrutinising corporate responsibility.
The Human Cost Remains Severe
Despite the swift response, the human toll is stark.
At least 94 people have died, 76 are injured, and dozens remain unaccounted for amid the smouldering ruins.
Firefighters continue to carry out forcible searches to ensure no residents remain trapped.
Early reports listed 279 missing, though figures have not been updated; Deputy Fire Services Director Derek Chan said that 25 calls for help remain unresolved, with three new cases prioritised.
The Tai Po tragedy is one of the deadliest residential fires Hong Kong has faced in nearly 80 years, and the ongoing rescue, criminal, and corruption investigations underscore the scale of the disaster.
In the midst of this, the speed and scale of the crypto sector’s response have drawn attention, offering relief to the community while demonstrating a commitment beyond business interests.
How You Can Help Through Crypto Donations
Animoca Brands has established two wallets to receive global contributions until 2 December 2025.
Donors can use the following addresses:
EVM-compatible chains: 0x56f747940cccc69d54fc9223d3dd57e42a98a2e2
Solana chain: 3hxNJNR3QacMzbW9gNG5kPhbFozXi4bkztDS2HE3XYef
All donations will be converted to Hong Kong dollars, with gas fees covered by Animoca Brands, and fully directed to the Hong Kong Red Cross Tai Po Fire Emergency Appeal.
Donation receipts will be publicly posted on 3 December to ensure transparency.
The disaster in Tai Po has left an enduring mark on the city, yet it has also revealed an unexpected and fast-acting support network, with crypto companies among the earliest contributors to a community in need.
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