Binance Faces Scrutiny Over Market Crash

Binance Faces Scrutiny Over Market Crash

user avatar

by Rajesh Kumar

a year ago

Made with AI

Binance, one of the largest cryptocurrency exchanges in the world, is under fire following a major market crash that resulted in the liquidation of $19 billion in positions. The incident has raised questions about the platform's reliability and the integrity of its price oracle system, and the study highlights an alarming trend: many users are losing faith in centralized exchanges.

Controversy Erupts Over Binance's Price Oracle Malfunction

The controversy erupted when a malfunction in Binance's price oracle misvalued collateral, triggering a cascade of liquidations across the market. While Binance has attributed the selloff to broader market conditions, numerous users have reported significant losses directly linked to the exchange's technical failures.

Binance's Response to User Backlash

In response to the backlash, Binance has taken steps to address the situation by distributing

  • $283 million in compensation to those affected by the crash
. This move aims to restore user confidence and mitigate the fallout from the incident as the exchange navigates the ongoing scrutiny from both users and regulators.

In light of recent events surrounding Binance's price oracle malfunction, the exchange has announced the delisting of two perpetual contracts, COINM GMTUSD and DOGEUSD, effective October 28, 2025. Users can find more details in the official announcement here.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Nvidia Introduces OpenShell Reference Architecture for AI Agents

Nvidia has introduced the OpenShell Reference Architecture, a design for managing autonomous AI agents, at GTC Berlin.

user avatarNguyen Van Long

OpenAI Announces $1 Billion Commitment to Cybersecurity

OpenAI announced a $1 billion commitment to enhance cybersecurity measures through its AI program, Daybreak, aimed at providing subsidized access to advanced AI tools for defenders of critical infrastructure.

user avatarSatoshi Nakamura

Elon Musk Proposes Merger of SpaceX and Tesla

Elon Musk announced that SpaceX and Tesla have formed special committees to explore a merger that could create a corporation valued at approximately $35 trillion.

user avatarJesper Sørensen

Standard Chartered to Acquire Zodia Custody

Standard Chartered has signed definitive agreements to acquire Zodia Custody Limited, enhancing its digital asset safekeeping services.

user avatarRajesh Kumar

Critical PHP Vulnerability Leads to Global Website Shutdowns

A critical vulnerability in PHP has caused panic worldwide, leading several countries to take down government websites and urging organizations to shut down their PHP-based sites.

user avatarLucas Weissmann

Probly Showcases Innovative Prediction Market Solutions at TOKEN2049

During TOKEN2049, Probly showcased its innovative approach to prediction markets, emphasizing accessibility, broad market coverage, and onchain settlement.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.