Binance to pay compensation to users
Binance has announced that it will make automatic payments to holders of USDE, BNSOL, and WBETH whose price pegs were disrupted during the sharp market crash on October 10. Affected users will receive compensation.
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Cryptocurrency exchange Binance has announced that it will pay compensation to holders of USDE, BNSOL, and WBETH tokens whose price pegs were disrupted during the major market crash on October 10, 2024. The company stated that as the price of USDE, which is supposed to be pegged to 1 dollar, fell as low as 0.65 dollars, there was also a significant loss of value in the SOL-indexed BNSOL and ETH-indexed WBETH tokens.
AUTOMATIC PAYMENTS WILL BE MADE
Binance announced that compensation will be paid automatically to the accounts of affected users. The statement indicated that all users who suffered losses between 21:36 and 22:16 (UTC) on October 10 will receive payments equal to the difference between the liquidation price and the market price. Payments will be made within 72 hours.
The company also reported that the situations of users who experienced similar grievances will be examined individually and that payment processes will be carried out accordingly. Binance stated that it will take care to ensure that compensation payments are carried out accurately for each user during this process.
RISK CONTROL SYSTEMS TO BE UPDATED
Following the incident, Binance decided to renew its risk control systems. The company stated that it will introduce minimum thresholds for price indices and that risk parameters will be updated at frequent intervals.