My Binance account was liquidated due to a system outage, and 5 million RMB disappeared. A 7-year veteran user, I just want to ask: Can we still trust Binance? On the night of the November 11th crash, my cryptocurrency-margined contracts on Binance were systemically liquidated, resulting in a loss of nearly 5 million RMB. Having been in the industry for ten years, experiencing the 519 and 312 crashes, I've never been afraid of market volatility. This liquidation wasn't due to market conditions, but because of Binance's outage, my investment assets were locked, and I couldn't transfer them. I've been trading on Binance for almost 7 years, yet I was defeated by its system.
My phone has always been set to receive market alerts via phone, so I pay close attention to even small dips before extreme market conditions. My perpetual positions are coin-based, and I also have over $500,000 worth of other tokens in my portfolio. Due to Binance's outage, I was unable to transfer or trade my assets, resulting in my forced liquidation.
👆The order for Alpha in the image above was placed at 05:15:33 on October 11th. Prior to this time, the system had already experienced issues. After encountering problems with the transfer and being unable to complete it, I immediately chose to sell my Alpha assets, intending to use them to trade and buy tokens to replenish my margin. At this point, the assets I was selling were also unable to be traded (rapid execution failed). 👇The screenshot below shows my second attempt to sell Alpha assets, which failed. I then tried transferring again and finally succeeded in transferring one coin. However, the original sale was liquidated before it could be completed.
👇The two screenshots below were taken at 05:43 AM on October 10-11. At that time, my position had already been forcibly liquidated. At 05:43 AM, my phone was still unable to trade. At 05:00 AM, my phone was already unable to transfer funds. When I traded Alpha, I also encountered problems and could not successfully trade or transfer funds.
👇The image below is a message sent to my email by Binance, confirming that the system's numerical time and data were completely inaccurate at the time. You can imagine the extent of such a time error and the paralysis of the entire system.
I've been trading on Binance for almost 7 years, and when Binance announced compensation for "users affected by the outage" during Alpha Market Making, I thought it represented fairness. However, my appeal only received a few "template replies" with no substantive action. My question is simple: 👉 If 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 go wrong, victims are told to "trust the brand," but the truth is silenced. I'm not attacking anyone, I just want to know: If this happens again in a different way, will users still have to foot the bill? Are our assets truly safe?
