I got liquidated during Binance's outage, losing 5 million yuan.As a 7-year veteran user, I just want to ask: Binance, can we still trust you?On the night of November 11th's crash, my crypto-denominated contracts on Binance were systematically liquidated, resulting in nearly 5 million yuan in losses.Having traded for a decade through events like 519 and 312, I've never feared market volatility.This liquidation wasn't due to market conditions, but because Binance crashed, locking my wealth management assets and preventing transfers.After nearly seven years trading on Binance, I was defeated by its own system.
My phone has been set to alert me for market movements, so I pay close attention to even minor declines before extreme market swings. My positions are denominated in cryptocurrency on perpetual contracts, and I also hold over $500,000 worth of other tokens in wealth management products. Due to Binance's system outage preventing transfers and trading, I was forced into liquidation.
👆The Alpha order time in the image above is 10-11 05:15:33. Prior to this time, the system had already encountered issues. After facing transfer problems and being unable to complete the transfer, I immediately chose to sell my Alpha assets. I intended to use these assets to trade and buy tokens to replenish my coin-margin account. At this point, the assets I sold had also become untradeable—quickly executed orders failed to execute.👇The screenshot below shows my subsequent failed attempt to sell Alpha assets. After restarting the transfer process, I finally succeeded in transferring one coin. Unfortunately, the sold assets had already been liquidated before the transfer was completed.
👇The following two screenshots show that my positions were liquidated at 05:43 on the 10th-11th. At 05:43, my phone was still unable to execute trades. My phone had already been unable to transfer funds since 05:00. When I attempted to trade Alpha, I also encountered issues where neither the trade nor the transfer could be completed successfully.
👇The image below is an official email sent to my account by Binance, confirming that the system time and data on Binance's platform were completely inaccurate at the time. One can only imagine the severity of such timing errors and the extent of the system-wide disruption.
I've been trading on Binance for nearly seven years and also market-making on Alpha.When Binance announced compensation for “users affected by the outage,” I thought that represented fairness.But my appeal only received a few “template responses” with no substantive resolution.My question is simple:👉 If even users like me with complete records can't get compensation, who exactly is Binance compensating?
Today it's me, tomorrow it could be any user. When centralized exchanges fail, victims are told to “trust the brand,” but the truth is silenced.I'm not here to attack anyone, just wondering: If this happens again in another way? Will users still have to pay the price? Are our assets truly safe?
