Binance Denies System Error in AKE Trader Losses Exceeding $5 Million

A trader on Binance reported losses exceeding $5 million in the AKEUSDT perpetual contract after the asset's price surged from $0.0076 to nearly $0.045 on September 3, 2026.

The affected trader claimed that more than thirty positions tied to funding rate arbitrage strategies were liquidated, and attributed the asset's vertical surge to coordinated manipulation rather than organic market dynamics.

Binance denied allegations of a technical glitch, stating that its liquidation engines, pricing models, and risk controls operated normally during the volatility event.