Binance to Compensate Users Affected by Crash in Wrapped Ether, Staked Solana and Ethena’s USDe

Binance announced it will compensate users affected by a recent crash involving Wrapped Beacon Ether (wBETH), Staked Solana (BNSOL), and Ethena's synthetic dollar (USDe). The crash occurred when Binance's infrastructure faced significant stress due to heightened market volatility, making it difficult for market makers to stabilize prices. Prices of wBETH plummeted to approximately $430, and BNSOL dropped to $34.90, both at considerable discounts compared to their respective spot prices. Ethena’s USDe also fell to 65 cents. The Binance team, led by co-founder Yi He, stated they would review accounts on a case-by-case basis to determine compensation eligibility. They noted that losses resulting from market fluctuations and unrealized profits would not qualify for compensation. Binance additionally plans to adopt a conversion-ratio pricing model for wrapped assets moving forward.

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