姓赵不宣
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Binance: Related compensation for the decoupling of financial products has been paid out $283 million, and the total compensation amount is still being calculated and processed.
Binance stated in an official announcement that it can be confirmed after a review: during the period from 04:50 to 06:00 on October 11, the core contract and spot matching engine and API trading of Binance maintained stable operation;
After 05:18 on October 11, certain functional modules of the platform experienced brief lags, and some financial products decoupled due to severe market fluctuations. In response, Binance initiated and completed compensation arrangements for users affected by the decoupling incident.
Regarding the compensation arrangements related to the decoupling of financial products, it is important to clarify: the external claim that "decoupling caused the market to crash" does not align with the facts. After extreme downward movement in the market, the lowest point was reached between 05:20 and 05:21 on October 11, and the extreme decoupling of related financial products (USDE, BNSOL, and WBETH) occurred after 05:36 on October 11. The platform decided to fully cover the losses incurred due to the liquidation of positions in contracts, leverage, and borrowing caused by the decoupling of some financial products triggered by this extreme market situation. Compensation has been distributed in two batches, totaling approximately $283 million. Regarding the compensation arrangements for internal transfers and delays in redeeming financial products, during periods of severe market fluctuations, there were brief lags in internal transfers and redemptions on the trading platform, preventing timely replenishment. Users who suffered actual losses due to this will also receive corresponding compensation based on the review results. Regarding ongoing review and transparent disclosure, the current total compensation amount is still being calculated and processed.
Some spot trading pairs experienced extreme prices for two reasons: first, unilateral liquidity triggered historical limit orders; the platform has historical limit orders spanning several years, and a large number of sell orders under extreme market conditions led to unilateral liquidity, triggering historical orders that caused token prices to drop momentarily, resulting in a "price spike"; second, differences in price precision adjustments, where some trading pairs reduced the minimum price fluctuation units, causing abnormal display of decimal places in transaction prices, creating an illusion of "price zeroing." Binance will optimize display and correct abnormal prices.
Binance stated in an official announcement that it can be confirmed after a review: during the period from 04:50 to 06:00 on October 11, the core contract and spot matching engine and API trading of Binance maintained stable operation;
After 05:18 on October 11, certain functional modules of the platform experienced brief lags, and some financial products decoupled due to severe market fluctuations. In response, Binance initiated and completed compensation arrangements for users affected by the decoupling incident.
Regarding the compensation arrangements related to the decoupling of financial products, it is important to clarify: the external claim that "decoupling caused the market to crash" does not align with the facts. After extreme downward movement in the market, the lowest point was reached between 05:20 and 05:21 on October 11, and the extreme decoupling of related financial products (USDE, BNSOL, and WBETH) occurred after 05:36 on October 11. The platform decided to fully cover the losses incurred due to the liquidation of positions in contracts, leverage, and borrowing caused by the decoupling of some financial products triggered by this extreme market situation. Compensation has been distributed in two batches, totaling approximately $283 million. Regarding the compensation arrangements for internal transfers and delays in redeeming financial products, during periods of severe market fluctuations, there were brief lags in internal transfers and redemptions on the trading platform, preventing timely replenishment. Users who suffered actual losses due to this will also receive corresponding compensation based on the review results. Regarding ongoing review and transparent disclosure, the current total compensation amount is still being calculated and processed.
Some spot trading pairs experienced extreme prices for two reasons: first, unilateral liquidity triggered historical limit orders; the platform has historical limit orders spanning several years, and a large number of sell orders under extreme market conditions led to unilateral liquidity, triggering historical orders that caused token prices to drop momentarily, resulting in a "price spike"; second, differences in price precision adjustments, where some trading pairs reduced the minimum price fluctuation units, causing abnormal display of decimal places in transaction prices, creating an illusion of "price zeroing." Binance will optimize display and correct abnormal prices.
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