Reasons why the prices of many cryptocurrencies on Binance 'went to 0'

On the blog dated 13/10, Binance stated that the incident occurred due to "technical issues with the platform module for a short time," causing the prices of some tokens to drop sharply. The exchange also provided several reasons such as "activation of historic limit orders due to one-sided liquidity" or "the price being 0 is actually a display error."

Binance affirmed that it will "take responsibility and fully compensate" users with a total amount of 283 million USD, distributed in two batches. However, the exchange has not provided detailed information on how those affected can receive the money.

"I sincerely apologize to those affected. We do not make excuses, but will listen, learn from the experience, and commit to doing better," Binance CEO Richard Teng wrote on X.

This is not the first time a "flash crash" has occurred on cryptocurrency exchanges. In 2017, Ethereum suddenly dropped from 317 to 0.1 USD on the GD exchange!

Wishing good luck to all coin holders.

(Note: This article should not be considered as investment advice and does not bear any responsibility related to the decisions of the individuals).