Binance, the top crypto exchange in the world by trading volume, made it known that it paid out $283 million to users as compensation. The said users were those who were affected by the market volatility that happened abruptly on Friday, resulting in multiple assets depeg from their intended values.
The depeg situation was to the extent that three Binance Earn assets had their values changed – Ethena’s stablecoin USDe, Binance’s Solana liquid staking token BNSOL, and Wrapped Beacon ETH (WBETH). The crypto exchange speculated that the compensation is very close to the complete coverage of users who are in positions on margin, futures, and loan and suffered losses that are verified within 21:36 to 22:16 UTC on October 10, 2025.
Stressing its point that the depeg was a result of a market decline and that it happened after the latter, the exchange also dismissed allegations that the incident was what ultimately led to the crash. Internally, Binance did the work of comparing the data, and it came to the conclusion that the exact time when the prices of major cryptocurrencies were at the lowest points was between 21:20 and 21:21 UTC, while the depeg was starting almost 15 minutes later.
“The market crash to the extreme was actually before the de-pegging,” Binance affirmed, at the same time denying the rumor that a fork attack was the cause of the exchange. The CEO of Ethena Labs, Guy Young, in his turn, mentioned that the event should not be referred to as a “USDe depeg” since the liquidity pools on other exchanges didn’t experience any significant change.
Binance confirmed that the $283 million payout was made in two batches, compensating all verified users impacted by the incident.
After the incident, Binance laid out a series of infrastructure changes meant to avert such a situation in the future. The exchange stated that it would now use redemption prices in the index weights for a more stable price and that it would add a soft price floor to the reference index for USDe to prevent the prices from going too low.
Furthermore, Binance denied the extremely volatile price movements allegations of tokens like ATOM and IOTX and explained that the activity was due to limit orders that were placed a long time ago and still active on the platform. Some of these orders were from 2019 and were executed automatically during the crash because there was very little buy-side liquidity.
