Binance to compensate users after technical snag during $19B market crash

The world’s largest crypto exchange, Binance, has pledged to compensate users affected by technical issues that occurred during the historic $19 billion liquidation event on Oct. 10, when a sudden market crash rattled global crypto markets.

The sell-off followed Donald Trump’s announcement of 100% tariffs on China, which triggered a mass exodus from risk assets and one of the largest crypto wipeouts in history.

Related: Binance CEO Richard Teng says U.S. clarity is key as exchange eyes North America

In a statement on X (formerly Twitter), Binance co-founder Yi He apologized for disruptions caused by “significant market fluctuations” and an influx of users that overloaded the exchange’s systems.

“If you have incurred losses attributable to Binance, please contact our customer service to register your case,” she wrote, clarifying that only losses caused by platform issues, not market volatility, would be eligible for review. Yi noted, “When we fall short, we take responsibility — there are no excuses.”

According to CoinGlass, over $19.3 billion in leveraged positions were liquidated within 24 hours, marking one of the largest single-day wipeouts since the COVID-era crash. Nearly 1.67 million traders were liquidated, with longs making up more than 85% of the losses, led by Bitcoin (BTC) and Ethereum (ETH). BTC dropped as low as $102,000 on futures markets, while Ether sank below $3,800.

Exchanges hit hardest

The sudden spike in volatility overwhelmed multiple centralized (CEX) and decentralized (DEX) exchanges, leading to outages, lag, and failed orders across platforms, as reported by the community:

Binance (CEX): Users experiencing intermittent delays, service now restored. Coinbase (CEX): Latency or degraded performance during transactions, service now restored. Bitget: abnormal market notifications, service now restored.

Related: Whale bags $160M by shorting ahead of Trump’s China tariff

This story was originally reported by TheStreet on Oct 11, 2025, where it first appeared in the Technology News section. Add TheStreet as a Preferred Source by clicking here.

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