Summary
- Binance said the recent sharp price fluctuations were due to a broad market price decline, not a system malfunction.
- He Yi, Binance co-founder, said the company did not conceal the USDe depegging incident and completed compensation procedures.
- Binance said it completed payment of compensation of $280 million for the depegging incident within 24 hours.
Binance has issued an explanation for the recent sharp price fluctuations.
On the 13th (Korea time), He Yi, Binance co-founder, said on X (formerly Twitter), "On October 11 there was a temporary delay in some functional modules, but the core contracts, the spot matching engine and API trading all operated normally," and explained that "the volatility was the result of a broad market price decline."
He added, "It is true that depegging occurred in certain products," and explained, "Binance will never try to conceal such issues."
He also emphasized that Binance has completed the compensation procedures for damages caused by USDe depegging that occurred on the platform. He said, "Binance has completed payment of compensation totaling $280 million for the depegging incident," and added, "All of these procedures were carried out within 24 hours."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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