Binance Trader Loses $5M as AKE Token Surges 492%
A cryptocurrency trader on Binance's platform reported losses exceeding $5 million USDT after more than 30 leveraged positions on the AKEUSDT perpetual contract were liquidated in rapid succession on September 3. The trader, identified as xunlu on X, claims the price movement resulted from deliberate market coordination rather than organic trading dynamics.
The AKE token experienced an extreme price jump of approximately 492% within a short timeframe, rising from $0.0076 to nearly $0.045. This surge allegedly eliminated the trader's funding-rate arbitrage strategies and led to unjustified liquidations.
Binance maintains that all platform systems functioned normally during the incident, with no anomalies found in its pricing algorithms, risk management protocols, or liquidation mechanisms. The exchange attributes the event to extreme market fluctuations.