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 primarily covered losses tied to de-pegged assets, including USDE, BNSOL, and WBETH, and was completed within 24 hours.
Binance announced that it had allocated about $283 million in compensation to users affected by market volatility and technical issues.
- Heavy institutional and retail selling drove sharp declines across crypto markets between 20:50 and 22:00 UTC on October 10.
- Prices bottomed between 21:20 and 21:21 UTC, with severe de-pegs starting after 21:36 UTC.
Binance swiftly reimbursed users, demonstrating its commitment to protecting users' assets during times of market volatility.
Author's summary: Binance compensates users $283M.
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