Key Takeaways
Why is Binance still under the heat despite generous repayments?
Critics remain suspicious about the exchange’s massive compensation.
What’s the impact of the FUD?
Billions of dollars of assets have been withdrawn from exchanges amid low trust.
It’s been a tough week for Binance [BNB], the world’s largest crypto exchange, following reports that issues with its trading systems escalated the 10th of October flash crash.
Despite pouring millions into compensation, the exchange continued to face mounting community scrutiny.
The firm has pledged over $700 million in repayments; $45 million for memecoin traders, $283 million to cover losses linked to de-pegging issues, and $400 million for Futures and institutional traders to restart their trading.
While Binance denied responsibility for the crash, its massive repayment sparked debate. One critic, Benson Sun of Coin Karma, questioned,
“Why spend hundreds of millions to cover something that supposedly isn’t your responsibility?”
CZ: ‘We protect users’
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Author: Benjamin Njiri
