Binance has announced that it has compensated affected users with approximately $283 million following the recent October 10 market meltdown.
The company also shared that the situation had been caused by a brief technical glitch on the same day that resulted in temporary disruptions and de-pegging in some cryptocurrencies.
What Really Happened During the Crash
On October 12, the exchange released a statement explaining the extreme price swings that took place after global economic events triggered heavy sell-offs across the cryptocurrency market.
The crash had traders panic-selling across several platforms, leading to over $7 billion in liquidations in the first hour. As a result, Bitcoin, Ethereum, and other major digital assets plunged, while synthetic tokens like USDE and BNSOL lost their pegs.
However, Binance said it compensated affected users within 24 hours and later determined that its platform played only a minor role in the overall decline.
“The forced liquidation volume p
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