Title: 400 Million USD Can't Heal the Wounds: Three Injustices of Binance's Compensation Plan After the Crash on 10/11

The cryptocurrency market crash on October 11, 2025, led to over 19 billion USD being liquidated globally, with extreme decoupling of specific assets like USDe and wBETH on the Binance platform exacerbating user losses. Although Binance quickly launched a 400 million USD "Same Boat Plan" for compensation, the unreasonableness of its proposal has raised widespread doubts, making it difficult to bear the responsibility as the world's largest exchange.

First, the compensation amount is severely inconsistent with the actual losses. The liquidation amount on the Binance platform alone reached tens of billions of USD, and the 300 million USD user subsidy (not 400 million) is undoubtedly a drop in the bucket in the face of this unprecedented liquidation wave.

Second, the compensation conditions are overly harsh and the upper limit is unfair. The plan set high thresholds such as a loss greater than or equal to 50 USD and a loss ratio greater than 30%, excluding a large number of small victims. More importantly, the maximum compensation limit of 6,000 USDC is virtually meaningless for large users who lost hundreds of thousands of USD due to abnormal spikes on the platform.

Third, the attribution of responsibility is vague and lacks transparency. The extreme price anomalies unique to the Binance platform have raised questions about its liquidity and flaws in its liquidation mechanism. However, the plan only provides fixed subsidies under the pretext of "comprehensive assessment," without publicly transparent calculation details, and fails to clearly state the technical responsibilities the platform should bear in this specific asset decoupling incident.

We call on Binance to face the collateral damage caused by platform issues to users, to raise the compensation limits and total amounts, and to rebuild users' trust in its services with a more open and fair calculation method.