Binance has compensated $283 million in USDE and other assets to affected users of a token off-peg incident, with the spot "zero price" being merely a display issue.

On October 13th, Binance released a post-mortem on the "Black Swan" event platform performance issues. The findings indicate that starting from October 10th at 21:18 (UTC), certain platform modules experienced brief technical glitches. Due to significant market volatility, some assets suffered from price dislocations. Binance has always adhered to the principles of transparency and accountability and completed compensation for the affected users within 24 hours of the incident. There is a view in the market that the dislocations of Binance Earn products related to USDE, BNSOL, and WBETH led to a market crash. However, this is not the case. The extreme market drop occurred before the dislocations. Data shows that the market price bottomed between 21:20 and 21:21 on October 10th (UTC), while severe dislocations occurred after 21:36. For users who were passively liquidated due to holding the mentioned assets as collateral, Binance has proactively absorbed all losses and compensated a total of approximately $283 million in two batches. Users can refer to our published announcements for more information. During extreme volatility, some users missed timely margin top-ups due to internal fund transfers or Earn product redemption delays. Binance will compensate verified affected users. Regarding the explanation of extreme price fluctuations in certain spot trading pairs: 1. Triggering of Historic Orders under One-Sided Liquidity Some historical limit orders (even dating back to 2019, such as IOTX, ATOM) have been hanging in the system for a long time. In cases of extreme selling pressure and a lack of buy orders, these sell orders matched with these old buy orders, resulting in an instantaneous price drop. 2. "Zero Price" Display Issue Some trading pairs (such as IOTX/USDT) recently adjusted the minimum price precision, causing the interface to display a price of "0". This is just a display problem, and the actual execution price is not zero. 3. Subsequent Optimization and Improvements Binance will optimize the UI display and correct the display issues of abnormal prices (without a separate announcement) to enhance the trading experience. API interfaces remain unaffected.