Binance Distributes $283M to Affected Users
Binance has distributed $283 million in compensation to users impacted by the market turmoil on October 10.
The compensation primarily covered losses tied to de-pegged assets, including USDE, BNSOL, and WBETH, which occurred between 20:50 and 22:00 UTC.
Heavy institutional and retail selling drove sharp declines across crypto markets, followed by severe de-pegs starting after 21:36 UTC.
The exchange completed the compensation within 24 hours after extreme volatility triggered widespread sell-offs and collateral de-pegs.
Author's summary: Binance reimburses $283M to affected users.