Exchange Binance paid $283 million in compensation to those affected by the sharp fall in the cryptocurrency exchange rate.
The trading platform has transferred funds to clients who suffered losses due to the price drop:
- Ethena USDe (USDe) stablecoins;
- Binance Staked SOL (BNSOL) issued in exchange for staked coins Solana (SOL);
- Wrapped Beacon ETH (WBETH), which is awarded for locked Ethereum.
The prices of the aforementioned digital assets fell below their «legal» levels; for example, the USDe exchange rate plummeted from $1 to $0,65. This was caused by a massive sell-off of coins, and the use of internal oracles to determine the price of assets used as collateral for futures market positions led to the liquidation of longs and shorts. Binance, so traders lost money.
In addition, employees Binance They explained the collapse of the digital asset market that occurred on the night of October 10-11 Moscow time:
Global macroeconomic events triggered incredible volatility. Both institutional and retail clients actively sold coins, leading to a simultaneous sharp decline in cryptocurrency prices.
The digital asset market recovered from a severe blow over the weekend, with the market capitalization of virtual currencies rising 17% from its low, adding $550 billion. However, even with the recovery, the value of issued cryptocurrencies remains $280 billion below the pre-dump level.
Increasing the level of capitalization of digital assets