Binance has compensated $283 million in USDE and other assets to affected users of a token off-peg incident, with the spot "zero price" being merely a display issue.

BlockBeats News, October 13th, Binance published a post-mortem of the "Black Swan" event platform performance issues. The results show that starting from October 10th, 21:18 (UTC), certain platform modules experienced brief technical failures, and due to significant market volatility, some assets suffered from price dislocation. Binance has always upheld the principles of transparency and accountability and completed compensation for affected users within 24 hours of the incident.

There is a belief in the market that the dislocation of Binance Earn products related to USDE, BNSOL, WBETH led to a market crash. However, this is not the case. The extreme market drop occurred before the dislocation. Data shows that the market price bottomed between 21:20–21:21 on October 10th (UTC), while severe dislocation occurred after 21:36.

For users who were liquidated passively due to holding the mentioned assets as collateral, Binance has proactively absorbed all losses, compensating a total of approximately $283 million in two batches. Users can refer to our published announcements for more information. During extreme volatility, some users missed out on timely margin top-ups due to internal fund transfers or Earn product redemption delays. Binance will compensate verified affected users.

Regarding the explanation of extreme price fluctuations in certain spot trading pairs:

1. Triggering of Historic Orders under One-Sided Liquidity
Some historical limit orders (even dating back to 2019, such as IOTX, ATOM) have been hanging in the system for an extended period. In situations of extreme selling pressure and scarcity of buy orders, these sell orders matched with these old buy orders, causing an instantaneous price drop.

2. "Zero Price" Display Issue
Some trading pairs (such as IOTX/USDT) recently adjusted the minimum price precision, causing the interface to display a price of "0". This is merely a display problem, and the actual execution price is not zero.

3. Subsequent Optimization and Improvements
Binance will optimize the UI display, rectify the display issues of abnormal prices (without separate announcement) to enhance the trading experience. API interfaces remain unaffected.