Binance Distributes $283M to Affected Users
Binance has distributed $283 million in compensation to users affected by the market turmoil on October 10.
The compensation covers losses tied to de-pegged assets, including USDE, BNSOL, and WBETH, which occurred between 20:50 and 22:00 UTC.
According to Binance, the exchange completed the compensation within 24 hours after extreme volatility triggered widespread sell-offs and collateral de-pegs.
Binance announced that it had allocated about $283 million in compensation to users affected by market volatility and technical issues.
- De-pegging occurred after heavy institutional and retail selling drove sharp declines across crypto markets.
- Prices bottomed between 21:20 and 21:21 UTC, with severe de-pegs starting after 21:36 UTC.
Author's summary: Binance reimburses $283M to users after market turmoil.