Binance: 1M USDT compensation for CYBER event.

Yamini003

"Binance has issued an announcement titled ""Explanation and Solution for the CYBER Earnings Event."" The announcement states that on August 31, 2023, due to the fact that Upbit only supported the CYBER token issued on the Ethereum network (ERC20) and not the CYBER token issued on the BNB Smart Chain network (BEP20), and because the project did not have a cross-bridge solution at that time, a price difference emerged between Upbit and other platforms. This resulted in a shortage of CYBER (ERC20) liquidity on Binance and other trading platforms.

Because of this price difference and the rapid increase in CYBER's price, many users engaged in cross-platform trading with borrowed funds, leading to a surge in CYBER borrowing demand. At this point, the platform suspended lending risk controls, which in turn triggered higher lending rates. Although Binance had reserved redemption reserves and made corresponding adjustments, they were insufficient to handle the large volume of redemption requests in the short term during extreme market conditions.

Binance will allocate all earnings (871 CYBER) from the CYBER savings product and an additional budget totaling 800,000 USDT to compensate users. Users who experienced failed CYBER redemptions on the CYBER earnings platform from August 29th at 8:00 AM to September 5th at 8:00 AM (UTC+8) will receive compensation based on their daily average CYBER holding ratio. Other CYBER holders on the earnings platform during this period will receive an equal share of 200,000 USDT worth of CYBER trial vouchers provided by the CyberConnect Foundation."

Ritu77

The compensation is also a significant amount of money.