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>>Binance may offer compensation to users affected by losses in three altcoins during yesterday's significant market downturn.

Binance may offer compensation to users affected by losses in three altcoins during yesterday's significant market downturn.

crypthub

2 days ago

Market Incident & Price Deviations

USDE, BNSOL, and WBETH tokens experienced significant price depegs on Binance. USDE fell to $0.6567, BNSOL dropped to $34.9, and WBETH reached $430.65, deviating from their intended pegs. These price fluctuations led to forced liquidations for some user positions on the platform. Binance has initiated a comprehensive review of the event.

Binance’s Official Response

Following the incident, Binance released an official statement acknowledging the issue and its impact. The statement detailed that affected users' asset positions were impacted by the depreciating prices. Binance announced a thorough review of affected users, liquidation details, and potential compensation measures. The exchange aims to strengthen risk management controls.

Compensation & Future Actions

Binance is currently investigating the incident and assessing the extent of user losses. They are exploring possible compensation steps for users affected by the forced liquidations. A further update will be shared following the conclusion of the investigation. The exchange expressed gratitude for user patience and understanding.