Binance: Compensation related to the decoupling of wealth management products has been paid at $283 million, and the total compensation amount is still being calculated and processed.

PANews October 13 news, Binance stated in an official announcement that after review it can be confirmed: from 04:50 to 06:00 on October 11, Binance's core contract and Spot matching engine and API trading remained stable; after 05:18 on October 11, some functional modules of the platform experienced brief lags, and some financial products became unpegged due to severe Fluctuation in the market. In response, Binance initiated and completed relevant compensation arrangements for users affected by the unpegging event. Regarding the compensation arrangements related to the decoupling of financial products, it is important to clarify that the external claims of "decoupling causing the market to plummet" do not reflect the facts. After the extreme downturn in the market, the lowest point was reached between 05:20 and 05:21 on October 11, with the extreme decoupling of Binance's related financial products (USDE, BNSOL, and WBETH) occurring after 05:36 on October 11. The platform has decided that Binance will fully bear the losses incurred due to the liquidation of contracts, leverage, and borrowing positions caused by the extreme market conditions leading to the decoupling of some financial products. Compensation has been distributed in two batches, totaling approximately $283 million. Regarding the compensation arrangements for internal transfers and delayed financial redemptions, during the period of severe market fluctuations, there were brief interruptions in internal transfers and financial redemptions on the trading platform that prevented timely replenishment. Users who suffered actual losses due to this will also receive corresponding compensation based on the review results. Regarding ongoing review and transparent disclosure, the overall compensation amount is still being calculated and processed. Some spot trading pairs are experiencing extreme prices for two reasons: first, one-sided liquidity triggers historical limit orders. The platform has a long history of limit orders, and in extreme market conditions, a large number of sell orders lead to one-sided liquidity, triggering historical orders that cause the token price to drop momentarily, forming a "long wick candle"; second, there are differences in price precision adjustments. Some trading pairs have reduced the minimum price fluctuation digits, causing the displayed decimal places of the transaction price to appear abnormal, resulting in the illusion of "price returning to zero." Binance will optimize the display and correct the abnormal prices.