The post Binance Announces Some User Compensation After $20 Billion Market Crash appeared on BitcoinEthereumNews.com.

Binance, the world’s largest cryptocurrency exchange, announced Saturday it will compensate users who lost money during a major market crash on October 10, 2025. The incident saw three digital tokens lose their value suddenly, triggering massive liquidations across the platform. The crash happened during one of the worst days in crypto history. Nearly 1.7 million traders were liquidated within 24 hours, wiping out about $19.3 billion in trading positions. Binance recorded $1.4 billion in long positions and $981 million in short positions erased during the chaos. What Caused the Depegging Three tokens experienced dramatic price drops on Friday night. USDe, a stablecoin designed to stay at $1, fell to $0.66. BNSOL, Binance’s Solana staking token, crashed to $34.90. WBETH, a wrapped Ethereum staking token, dropped to $430.65. The incident occurred between 21:36 and 22:16 UTC on October 10. These sudden price changes happened as the broader crypto market crashed following President Trump’s announcement of 100% tariffs on Chinese imports starting November 1. The total cryptocurrency market lost nearly $200 billion in value within hours. Bitcoin fell from $122,000 to below $110,000. Ethereum, XRP, and other major cryptocurrencies saw similar steep declines. Binance’s Response and Apology Binance co-founder Yi He apologized to users on Saturday morning. She explained that problems arose from extreme market volatility combined with a huge influx of users to the platform. This caused the exchange’s systems to experience performance issues. Source: @heyibinance “If you have incurred losses attributable to Binance, please contact our customer service to register your case,” He wrote on X (formerly Twitter). CEO Richard Teng also issued a public apology. “I’m truly sorry to everyone who was impacted. We don’t make excuses — we listen closely, learn from what happened, and are committed to doing better,” he stated. Teng took over as CEO from…

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Filed under: News - @ October 12, 2025 2:08 am