On October 10th, the crypto market experienced a violent drop that caused liquidations of more than 19 billion dollars in leveraged positions.
Most of those liquidations were from "long" positions (betting that the price would rise).
Binance acknowledged that some modules of its platform experienced technical failures during that episode, and that certain assets (stablecoins or derivatives) had "de-peg" (that is, they detached or destabilized from their base pair) as a consequence of the high volatility.
In particular, Binance mentioned that the issues with the assets USDe, BNSOL, and WBETH contributed to the forced liquidations.
A person named Yi He, an executive at Binance, commented that affected users might receive compensation after reviewing each case individually.
According to Bloomberg, the technical failures were temporary but affected the stability of some internal processes when applying automatic liquidations in response to the sudden market drop.
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✅ What to do if you were affected
Contact Binance support and provide evidence: screenshots of your position, date, time, trading pair, etc.
Check if Binance offers you compensation; according to official statements, it supports that individual cases will be evaluated.
Keep all records of your transactions during those days (order history, margin movements, notifications). #Binance
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SoloSecure888
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