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