Review of the Binance 1011 Liquidation Event

Detailed Description

At around 5 a.m. on October 11, 2025, I was jolted awake by alert notifications indicating that cryptocurrency prices were plummeting. I immediately opened the Binance App to take action, but at this critical moment, the Binance system suddenly crashed, displaying the message “System overload, please try again later,” preventing me from conducting any normal trading or transfers. My account originally held sufficient USDT balance, and I could have redeemed other coins from the wealth management products for trading — these were intended to be used for timely repayments to avoid liquidation in extreme situations. However, due to the binance system failure, I was unable to execute any operations. Subsequently, the staked borrowing positions in my wealth management account were forcibly liquidated, and all positions in my futures account were also liquidated in one go. Because I could not transfer margin in time, the entire process was completely out of control.

My Loss Situation

This incident directly caused a total loss of over 500,000 USDT across my four accounts (including the spot staked borrowing positions in wealth management and the futures positions). This is not merely a loss due to market volatility, but directly resulted from Binance platform’s technical failure. I have already submitted the specific data to your customer service representative SISI and the platform’s backend support team, and they confirmed that it has been recorded!

Compensation Status and Questions

Binance’s official announcement promised compensation for affected users, but as of October 14, 2025, I have not received any reimbursement. Many prominent influencers (KOLs) online have already posted screenshots showing they’ve received their payouts, yet as a regular retail user, I’ve heard nothing. This leads me to question: Is compensation only being provided to high-profile users? Are retail users being excluded?

My Demands

I hope Binance will investigate and process my compensation claim as soon as possible. I have already submitted all relevant evidence to your customer service team, including detailed transaction records, screenshots, and timestamps. Please provide a clear and definitive response to the following:

1. Is the compensation policy applied equally to all users?
2. When can ordinary retail users expect to receive their reimbursements?

binance 1011 event