💰 PAY DAY! Binance Pays Back $283 Million
The world’s biggest crypto exchange, Binance, just paid out about $283 million to people who lost money during the huge market crash last Friday.
What Happened?
The market crashed (a lot of money was wiped out globally).
During the chaos, three specific tokens on Binance—called USDE, BNSOL, and WBETH—had a technical glitch and lost their price peg (they stopped being worth what they were supposed to be).
This glitch caused traders who were using these tokens as "money down" to get unfairly kicked out of their trades and lose cash.
The Fix
Binance stepped up and gave the money back to everyone who could prove they lost funds because of the technical glitch.
The Refund: $283 million was paid out. This is one of the biggest refunds ever given by a crypto exchange.
The Catch: If you lost money just because the market went down (market losses), you don't get a refund. This was only for people hurt by the specific token glitch.
Binance is trying to show users they can be trusted after a crazy week.
