A notable incident occurred in the cryptocurrency market earlier today. According to Binance data, USDE, BNSOL, and WBETH have experienced serious depegs (price deviations from their peg).
While the USDE price, which is expected to be fixed at $1, fell to $0.6567, BNSOL, pegged to the SOL price, fell to $34.9 and WBETH, pegged to the ETH price, fell to $430.65.
Following the incident, Binance released an official statement. The exchange said that due to price discrepancies, 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 of USDE, BNSOL and WBETH tokens has led to forced liquidations affecting the asset position of some users. Our team is currently conducting a thorough review of affected users, liquidation details and appropriate compensation measures.
“At the same time, we are strengthening our risk management controls to prevent similar incidents from recurring. We recognize the importance of this matter and thank you for your patience and understanding while we resolve the situation.”
Binance said it would share a further update regarding possible compensation steps for users following the investigation.
*This does not constitute investment advice.
