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Binance Confirms $283M User Payout After Pegged Assets Unravel in Brutal Liquidation Wave
Binance has revealed a $283 million payout after massive liquidations and cascading losses rattled crypto markets, exposing deep volatility and testing investor confidence across exchanges.
Binance Concludes Market Volatility Review, Pays out $283M in User Compensation
Crypto exchange Binance announced on Oct. 12 that it had completed a full assessment of the extreme market volatility that shook the cryptocurrency sector between 20:50 and 22:00 UTC on Oct. 10, when both institutional and retail traders engaged in heavy sell-offs.
The firm stated that the turbulence was driven primarily by global macroeconomic shocks, not internal system failures, and that its trading infrastructure remained fully functional throughout the event. The market experienced a sharp collective decline, sending asset prices plunging within minutes and triggering widespread liquidations across exchanges.
“Binance has conducted a comprehensive review and can now confirm that during the event, the core futures and spot matching engines and API trading remained operational,” the crypto exchange detailed, adding:
According to data, the forced liquidation volume processed by Binance platform accounted for a relatively low proportion to the total trading volume, indicating that this volatility was mainly driven by overall market conditions.
The company said the review was part of its ongoing effort to ensure transparency and strengthen user trust amid speculation that Binance’s systems had contributed to the crash. #EULBinanceHODLer #BinanceHODLerENSO #BAINENCE #CryptoMarketAnalysis
Binance has revealed a $283 million payout after massive liquidations and cascading losses rattled crypto markets, exposing deep volatility and testing investor confidence across exchanges.
Binance Concludes Market Volatility Review, Pays out $283M in User Compensation
Crypto exchange Binance announced on Oct. 12 that it had completed a full assessment of the extreme market volatility that shook the cryptocurrency sector between 20:50 and 22:00 UTC on Oct. 10, when both institutional and retail traders engaged in heavy sell-offs.
The firm stated that the turbulence was driven primarily by global macroeconomic shocks, not internal system failures, and that its trading infrastructure remained fully functional throughout the event. The market experienced a sharp collective decline, sending asset prices plunging within minutes and triggering widespread liquidations across exchanges.
“Binance has conducted a comprehensive review and can now confirm that during the event, the core futures and spot matching engines and API trading remained operational,” the crypto exchange detailed, adding:
According to data, the forced liquidation volume processed by Binance platform accounted for a relatively low proportion to the total trading volume, indicating that this volatility was mainly driven by overall market conditions.
The company said the review was part of its ongoing effort to ensure transparency and strengthen user trust amid speculation that Binance’s systems had contributed to the crash. #EULBinanceHODLer #BinanceHODLerENSO #BAINENCE #CryptoMarketAnalysis
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