Explore the latest developments concerning Binance Increases Compensation.
Binance to Distribute $300M to Crypto Traders Rekt in Record Liquidations
October 10 and 11 marked crypto history with the largest market crash measured by total liquidations, summing up to $19 billion erased from traders who got “rekt,” as different security guards failed, registering unprecedented losses to most cryptocurrencies, investors, and speculators.
In this context, Binance, one of the most affected markets during these recent liquidations, announced “an industry recovery and confidence rebuilding plan,” which the leading exchange is calling “The $400 Million Together Initiative.”
As announced on October 14, the leading exchange will distribute $300 million in token vouchers ranging from $4 to $6,000 each. Eligible users are those who incurred forced liquidation losses down to $50 across futures and margin trading during the two days of the crash, as long as these losses represent 30% or more of the user’s net assets in a snapshot before the liquidations took place.
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