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Binance CEO Richard Teng has announced that Binance will compensate affected users who lost funds during last nightās extreme volatility, which caused several markets to ādepeg.
In a public statement, Teng apologized: āIām truly sorry to everyone who was impacted ⦠We donāt make excuses ā we listen closely, learn from what happened, and are committed to doing better.ā He clarified that reimbursements will be considered only for losses due to Binance-caused issues, not losses from general market movements or unrealized profits.
The tokens affected included USDe (a stablecoin), BNSOL (Binanceās Solana liquid staking token), and WBETH (Wrapped Beacon ETH staking token), each seeing sharp deviations from their expected pegs.
This comes amid a broader push by Binance to restore trust and stability following regulatory scrutiny and prior controversies.
Bitcoin plummeted $20,000 in a single day on October 10, amidst a crypto crash triggered by Donald Trump's announcement of 100% tariffs on Chinese goods. The S&P 500 also fell 2.7% due to escalating trade war fears. Bitcoin's price dropped to $104,500, while Ethereum declined 21% from $4,390 to $3,460. Low liquidity on Friday afternoons amplified the market impact .. $BTC $ETH $BNB