Binance Distributes $283M to Affected Users
Binance has distributed $283 million in compensation to users impacted by market turmoil and de-pegged assets on October 10.
The compensation primarily covered losses tied to de-pegged assets, including USDE, BNSOL, and WBETH, and was completed within 24 hours.
According to Binance, heavy institutional and retail selling drove sharp declines across crypto markets between 20:50 and 22:00 UTC on October 10, resulting in severe de-pegs after 21:36 UTC.
Binance announced that it had allocated about $283 million in compensation to users affected by market volatility and technical issues.
- Compensation amount: $283 million
- Affected assets: USDE, BNSOL, WBETH
- Time of market turmoil: October 10, 20:50 - 22:00 UTC
Author's summary: Binance reimburses users with $283M after market turmoil.