Crypto
Binance Trader Loses $5M in AKEUSDT Contract Liquidation
A Binance trader reported losses of over $5 million after more than 30 positions on the AKEUSDT perpetual contract were liquidated in rapid succession on September 3.
The price of AKE surged by nearly 492% from approximately $0.0076 to nearly $0.045, resulting in the trader's funding-rate arbitrage strategies being eliminated.
Binance claims that all pricing mechanisms and liquidation protocols operated correctly, attributing the event to extreme market fluctuations.
The affected trader disputes this assessment, arguing that the price movement was the result of deliberate market manipulation rather than organic market activity.