Binance Distributes $283M to Affected Users
Binance has reimbursed users impacted by the market turmoil on October 10, 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.
- De-pegging occurred 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 completed the compensation within 24 hours after extreme volatility triggered widespread sell-offs and collateral de-pegs.
No additional comments were provided by Binance.
Author's summary: Binance reimburses $283M to users after market turmoil.