Crypto
Binance Denies System Error in AKEUSDT Liquidations
A Binance trader claimed to have lost over $5 million in alleged losses on the AKEUSDT perpetual contract, which surged from about $0.0076 to nearly $0.045 on September 3.
The exchange denied a system or pricing failure, attributing the liquidations to market volatility and the risks attached to leveraged trading.
Binance said it calculated the mark price for AKEUSDT from data gathered across several external spot venues, which functioned as intended during the Sept. 3 volatility.
The trader alleged that more than 30 funding-rate arbitrage positions on Binance were liquidated within minutes at around 5:44 a.m. UTC+8 on September 3.