TechFlow news, on October 13, Binance released an announcement early this morning titled "Statement on Recent Market Volatility and Latest Progress on User Protection Measures," which stated: "Firstly, it must be clarified: extreme market downturns occurred first, followed by product de-pegging. The external claim that 'de-pegging triggered the market crash' does not align with facts. After the extreme market decline reached its lowest point between 05:20 and 05:21 on October 11, 2025 (UTC+8), Binance's related wealth management products (USDE, BNSOL, and WBETH) experienced extreme de-pegging after 05:36 on October 11, 2025 (UTC+8).
However, subsequent volatility caused price deviations in these products, which still had real impacts on some users who used these assets as collateral. Therefore, the platform has decided to fully cover losses incurred by users due to liquidations in futures contracts, margin trading, and lending positions, resulting from the de-pegging of certain wealth management products (such as USDE, BNSOL, and WBETH) during this extreme market event. Compensation has been distributed in two batches, totaling approximately $283 million. For specific compensation rules, please refer to the previously published official announcements."
