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COINTURK NEWS > Binance > Breaking News in Binance Case: The Seals of Secret Documents are Being Opened
Binance

Breaking News in Binance Case: The Seals of Secret Documents are Being Opened

In Brief

  • Binance recently witnessed a speculative price movement reminiscent of the UST incident. A newly released stablecoin called AEUR experienced an abnormal surge, causing panic among investors who had bought at well over $1.07 before trading pairs on the exchange were halted. Now, a new development has emerged.ContentsCompensation for AEUR LossesAttention for 2024 Compensation for AEUR […]
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COINTURK NEWS 1 year ago
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Binance recently witnessed a speculative price movement reminiscent of the UST incident. A newly released stablecoin called AEUR experienced an abnormal surge, causing panic among investors who had bought at well over $1.07 before trading pairs on the exchange were halted. Now, a new development has emerged.

Contents
Compensation for AEUR LossesAttention for 2024

Compensation for AEUR Losses

Investors were worried about the losses incurred due to their purchase at an abnormally high price. We previously mentioned that Binance would compensate for the losses after discussions with the issuer. The announcement stated that the difference would be refunded to investors until December 9. As of today, the coupons are being defined.

Investors who suffered from purchasing at a high price need to check their reward center and transfer the coupon to the spot wallet. Users who traded AEUR pairs between 05.12.2023 20:41:16 and 05.12.2023 21:31:59 (Turkish time) need to check their coupons.

The compensation for these losses will be provided with the support of the token team. Currently, with a circulation supply as low as 5 million EURO, recoverable losses have been experienced in the recent period. However, in similar future incidents, investors may face irrecoverable losses.

Attention for 2024

The distress experienced here was due to Binance halting the trading pairs. If the trading pairs had not been stopped and the price had fallen to $1.07 from the expected $2.8, investors would not have had the right to compensation for losses.

The mentioned stablecoin is EURO-indexed, so it was supposed to be equal to the current average exchange rate of $1.07. However, many investors took an unnecessary risk to take advantage of the speculative price increase.

Considering the possibility of similar issues in the coming year, the recent incident should serve as a lesson to investors. Trying to profit from stablecoins that are below or above their expected value is extremely risky. This situation can lead to irreparable losses, as was the case with UST, where there was no significant compensation for losses.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their transactions based on their own research.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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