A notable incident occurred in the cryptocurrency market early in the day. According to Binance data, USDE, BNSOL, and WBETH experienced serious depegs (price departures from their peg).
While the USDE price, which should be fixed at $1, fell to $0.6567, BNSOL, indexed to the SOL price, fell to $34.9 and WBETH, indexed to the ETH price, fell to $430.65.
Following the incident, Binance released an official statement. The exchange stated that due to price deviations, some users’ positions were forcibly liquidated and announced the launch of a comprehensive review process.
Binance made the following statement in its statement:
The price depreciation event for USDE, BNSOL, and WBETH tokens has led to forced liquidations affecting some users’ asset positions. Our team is currently conducting a thorough review of the affected users, the liquidation details, and appropriate compensation measures.
“Concurrently, we are strengthening our risk management controls to prevent similar incidents from occurring again. We recognize the importance of this matter and thank you for your patience and understanding as we resolve the situation.”
Binance stated that it will share a new update regarding possible compensation steps for users following the investigation.
*This is not investment advice.
