Yeliz Akmaca 
Binance announced that users affected by the recent large crypto sell-off, which caused losses in Ethena’s USDe stablecoin and BNSOL, will receive compensation. Due to platform issues during the market crash, affected users will be paid according to a 72-hour plan. Binance officials publicly apologized and emphasized their commitment to protecting user rights.
The crypto market crash also impacted Binance’s native token, BNB, which dropped approximately 10% within 24 hours. According to CoinGlass, around 1.7 million investors were liquidated within a single day, erasing $19.3 billion in open positions. Binance recorded one of the largest liquidation totals, following Hyperliquid and Bybit.
Apologies from Yi He and Richard Teng
Yi He, co-founder of Binance, apologized to users, admitting that the platform underperformed during periods of high volatility. He explained that the depeg issues were linked to declining prices in major markets and increased trading volumes.
Binance CEO Richard Teng addressed the situation publicly, stating, “We are not making excuses; we are carefully listening, learning from what happened, and committed to doing better.” He emphasized that Binance will maintain transparency while processing user claims and ensuring fair compensation.
The depeg affected three major assets: USDe stablecoin, BNSOL, and Wrapped Beacon ETH (WBETH). USDe fell to $0.66 at the peak of the sell-off. Binance will individually review each account to determine eligibility for compensation.
72-Hour Compensation Plan and New Risk Controls
Binance announced on its official support page that Futures, Margin, and Loan users holding USDe, BNSOL, or WBETH between 10 October 21:36 – 22:16 UTC will automatically receive compensation. This ensures that crypto investors can offset losses caused by market crashes and altcoin price fluctuations.
Binance will credit payments to user accounts within 72 hours. The platform will calculate each user’s compensation based on the difference between the market price and their liquidation price. Additionally, Binance will maintain transparency throughout the process, ensuring users receive fair compensation based on coin prices and market analysis.
Binance also introduced new risk control measures to prevent future disruptions:
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Adding buyback prices to the USDe, BNSOL, and WBETH price index weights
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Setting a minimum price threshold for USDe
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Increasing the frequency of risk parameter reviews
These measures aim to protect crypto assets and help users follow altcoin trends more securely.
Eligible Users
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Futures users holding USDe, BNSOL, or WBETH
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Margin and Loan users
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Users active between 10 October 21:36 – 22:16 UTC
Note: Losses caused by normal market movements and unrealized profits are not eligible for compensation.
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