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