Binance Says Tokens Did Not Actually Lose 100% of Value in Market Crash

In an update following a significant market drop, Binance stated that the tokens did not actually crash to $0, despite user interfaces displaying such prices. This discrepancy was attributed to a 'display issue' that affected certain trading pairs, notably IOTX/USDT, during a period of extreme market volatility. As the market fluctuated dramatically, tokens like IoTeX, Cosmos, and Enjin appeared to plummet in value on Binance, while maintaining their worth above zero on other exchanges. The issue arose from a reduction in decimal places for minimum price movements, leading to misleading zero display. Binance is addressing this problem by sourcing price feeds from external oracles. The incident sparked major liquidations across the exchange, prompting Binance to announce compensation of $283 million for affected users. Observations were made that a possible exploit may have manipulated token values, contributing to the crisis and resulting in a wider market contagion.

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