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More than 30 crypto companies and community fundraisers have donated approximately $16 million (HK$124 million) to victims of the Tai Po fire that killed at least 159 people and left thousands homeless, marking one of the crypto industry’s largest coordinated disaster relief efforts in Asia.
The fire began on November 26 and tore through the Wang Fuk Court apartment complex for several days before being contained. Hong Kong officials have described it as the region’s worst fire disaster since 1948, prompting an immediate response from both major crypto exchanges and grassroots Web3 communities.
Most donations were pledged within the first week following the disaster, with industry leaders AB DAO and Bitget topping the contribution list at $1.9 million and $1.5 million respectively.
Seven major exchanges: Binance, HTX, OKX, Gate.io, HashKey, and Crypto.com—each committed $1.3 million to relief efforts, demonstrating unprecedented coordination across competing platforms.
Additional corporate donors pledging over $100,000 include MEXC, BingX, OSL, KuCoin, Matrixport, and mining pool ViaBTC. The BTSE Cares Foundation also deployed volunteers and emergency supplies alongside an undisclosed financial donation.
Beyond corporate pledges, community-driven initiatives contributed approximately $930,000 through transparent cryptocurrency wallet addresses established by Animoca Brands and digital wallet platform Cobo.
The Animoca Brands fundraiser collected $640,000, while Cobo’s campaign raised $292,000, with both directing proceeds to the Hong Kong Red Cross. Stablecoins donated on Ethereum Virtual Machine-compatible blockchains comprised the vast majority of contributions.
Web3 projects including Open Campus, Anichess, The Sandbox, Tower Ecosystem, and the Moca Foundation also participated in the grassroots effort, demonstrating the breadth of community involvement.
Relief funds have been dispersed rapidly across various organizations supporting recovery efforts. The Hong Kong Red Cross emerged as the primary recipient, while Bitget allocated its $1.9 million donation among Po Leung Kuk charity, the Salvation Army, and Yan Chai Hospital.
According to internal analysis by blockchain intelligence firm Elliptic, most crypto donations were converted to Hong Kong dollars before reaching aid agencies to ensure operational efficiency and immediate utility for relief work.
The coordinated response reflects crypto’s growing adoption as a tool for rapid, borderless disaster relief. Elliptic has previously tracked similar mobilizations following floods and earthquakes in Turkey, Myanmar, and Thailand, where comparable amounts were raised within days of disasters.
Cryptocurrency has also played a prominent role in conflict-related humanitarian efforts, particularly in Myanmar and Ukraine. In Myanmar’s case, fundraisers adopted a bespoke central bank digital currency—the DMMK—to facilitate donations to the country’s opposition government.
“The consolidated and timely action taken by major crypto businesses reflects the growing use case of crypto as a tool for rapid disaster relief,” noted Dr. Arda Akartuna from Elliptic, who has tracked multiple international crypto fundraising campaigns.
As legitimate crypto philanthropy expands, so do fraudulent schemes exploiting public sympathy. Elliptic’s 2025 analysis of crypto scam trends has documented the proliferation of fake charity wallets during humanitarian crises.
Following the invasion of Ukraine, an estimated $300,000 was lost to donors who inadvertently sent cryptocurrency to fraudulent pro-Ukraine fundraisers, underscoring the importance of proper due diligence.
To combat these threats, Elliptic has published guidance on verifying authentic fundraiser wallets and facilitating secure, transparent crypto donations—practices adopted by both Animoca Brands and Cobo for their Hong Kong relief initiatives.
The $16 million raised for Tai Po fire victims represents not only one of the crypto industry’s most unified humanitarian responses but also a demonstration of how blockchain technology can enable rapid coordination of international financial assistance.
As Hong Kong begins the long process of rebuilding, the episode highlights both the potential and the challenges of crypto-based philanthropy in disaster relief.
