Binance Trader Alleges $5M Loss in AKEUSDT Futures Manipulation Incident
A Binance trader is claiming over $5 million in losses due to alleged trading manipulation on the AKEUSDT perpetual futures market. The incident occurred around 05:44 pm Beijing time on September 3, when the price of AKE skyrocketed from $0.0076 to nearly $0.045 in a matter of hours.
The trader alleges that he lost more than 5 million USDT due to his over 30 funding-rate arbitrage trades being forced to liquidate in a few minutes. He claims it was not a normal trading process, but rather a coordinated short squeeze by the AKE market.
Binance has denied any system failure or price error, stating that their systems were functioning properly on the day of the incident. The exchange also pointed out that the AKEUSDT futures contract is based on multiple external spot markets data, and not Binance's own spot prices.
The trader cited a previous TUT liquidation incident where affected users received compensation from other exchanges, and has urged Binance to publish all trading and liquidation information and risk-control logs to clarify the incident.