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Binance
$18.58B
has addressed user concerns after several tokens on its platform appeared to fall to zero during volatile market conditions on October 10.
According to the cryptocurrency exchange, the tokens never actually lost all value, as what users saw was a technical glitch in the interface, not a real price collapse.
The problem came from an adjustment in how prices are formatted. For certain trading pairs, such as IOTX
$0.0148
/USDT
$0.9985
, the platform has reduced the number of decimal places displayed for price movements.
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This led to a situation where the displayed value for some assets appeared as $0 on the interface. Binance clarified that these assets did not actually drop to that level and called it a “display issue”.
The issue occurred during a broader market selloff that resulted in massive losses for leveraged traders. It wiped out an estimated $20 billion in open positions in just one day.
A trader using the name ElonTrades suggested that attackers may have exploited Binance’s “Unified Account” system. The trader also noted that Binance had announced plans to switch to external price feeds.
As a result, USDe temporarily lost its dollar peg on Binance and dropped to $0.65, which triggered widespread forced selling.
In response, Binance has committed $283 million to compensate users who were affected by the USDe depegging.
Recently, Guy Young, the founder of Ethena Labs, explained the recent price drop of the USDe stablecoin on Binance. What did he say? Read the full story.
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