Binance Trader Loses Millions in Alleged Market Manipulation Incident

A Binance trader claims to have lost over $5 million in a matter of minutes due to alleged market manipulation in the AKEUSDT perpetual futures market. The incident occurred on September 3 at around 05:44 pm Beijing time.

The trader, who wished to remain anonymous, claims that his over 30 funding-rate arbitrage trades were forced to liquidate within a few minutes. He alleges that this 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 its systems were functioning properly on the day of the incident. The exchange also noted that AKE experienced significant price fluctuations across multiple crypto exchanges and on-chain markets in response to general market conditions.