Binance Reimburses $283M After Market Crash
Crypto exchange Binance reimbursed users affected by the depegging of several Earn assets on October 10.
The exchange clarified that the sharp price drops during Friday's market crash were caused by a display error, not actual token failures.
"The forced liquidation volume processed by Binance platform accounted for a relatively low proportion to the total trading volume,"
Binance stated that its core trading systems remained operational throughout and the volatility was driven by "overall market conditions" rather than a fault in its platform.
Users were fully compensated within 24 hours after USDe, BNSOL, and wBETH briefly depegged.
Author's summary: Binance reimburses $283M after market crash.
- Depegging of USDe, BNSOL, and wBETH occurred on October 10.
- Sharp price drops were caused by a display error.
- Binance's core trading systems remained operational.
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