Binance to reimburse users $1M for Cyber Earn incident By Cointelegraph
[ad_1]
Crypto exchange Binance is refunding users 1 million USDT (USDT) ($1 million) over its handling of the CyberConnect (CYBER) token incident.
As described by the exchange on Sept. 7, a price discrepancy on listed CYBER tokens occurred the week prior due to a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency exchange Upbit. This led to arbitrageurs borrowing CYBER from Binance to profit from the difference. In turn, Binance users who staked CYBER in its Flexible Earn Program were barred from redemptions, as the staked assets had been borrowed, reaching the loan limit. The exchange stated:
Continue Reading on Coin Telegraph
[ad_2]
Source link
Crypto exchange Binance is refunding users 1 million USDT (USDT) ($1 million) over its handling of the CyberConnect (CYBER) token incident.
As described by the exchange on Sept. 7, a price discrepancy on listed CYBER tokens occurred the week prior due to a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency exchange Upbit. This led to arbitrageurs borrowing CYBER from Binance to profit from the difference. In turn, Binance users who staked CYBER in its Flexible Earn Program were barred from redemptions, as the staked assets had been borrowed, reaching the loan limit. The exchange stated:
Continue Reading on Coin Telegraph
About The Author
