Binance said it will compensate some users who suffered losses during the sharp price fluctuations on Friday night (early morning October 11 Vietnam time), when the platform experienced performance issues.
Binance co-founder and head of customer support Yi He apologized on Saturday morning, saying the incident was caused by a surge in users and large price fluctuations in the crypto market. She wrote on X : “If you have suffered losses due to Binance’s errors, please contact customer service to register. We will XEM each case and compensate accordingly. However, losses due to market fluctuations or unrealized profits will not be compensated. When we are wrong, we take responsibility – no excuses.”
According to the announcement , the incident mainly affected three Token : USDe (Ethena's stablecoin), BNSOL ( Solana liquidation Staking Token issued by Binance), and WBETH ( Beacon Chain 's liquidation Staking Token ). All three suffered severe peg losses on the night of October 10, with USDe falling from $1 to around $0.66.
CEO Richard Teng also apologized, affirming that Binance will “listen, learn, and do better.”
Under the compensation plan , Futures, Margin, and Loan users who used USDe, BNSOL, or WBETH as collateral and were affected by the peg loss incident between 04:36 and 05:16 on October 11 (UTC) will be refunded. The compensation will be calculated based on the difference between the market price at 07:00 AM and their liquidation price.
Yi He also added : “Those who bought Token that lost pegs at low prices last night will not be revoked – that is the reward for staying up late to hunt for opportunities. For Wealth Management and Trading users who suffered losses due to system latency, we will handle each case on a case-by-case basis.”
Over the past 24 hours, the price of BNB – the native Token of BNB Chain – has dropped by about 9.6%, although it still holds the third largest crypto position after Bitcoin and Ether .
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