Crypto exchange Binance compensates losses to users affected by problems with the liquidity of the CYBER token.
Representatives of the exchange explained that on August 31, 2023, they recorded a large difference in the price of the CYBER asset between Upbit and other exchanges.
As it turned out, at the time of the transactions, Upbit only supported the ERC-20 smart contract standard, and the cross-bridge for CYBER (ERC-20) and CYBER (BEP-20) was temporarily not working. This led to a liquidity crisis for the asset on Binance and other exchanges.
Due to the extreme surge in demand for CYBER, borrowers were unable to repay their loans on time, with most repayments subject to some delay.
The message says that 887 users who failed to redeem positions in CYBER Simple Earn flexible products between August 29 and September 5, 2023 will receive $800,000 in USDT stablecoins from the general pool.
In addition, they will share 871 CYBER, the profit earned from using the Simple Earn service since the launch of the CYBER product on the platform. The distribution will be made within seven business days of the publication of the application.
The remaining customers who opened CYBER Simple Earn positions at any time during the above period will receive an equal share of the total $200,000 voucher pool. The funds will be credited within two weeks.
On August 15, 2023, the CYBER token was listed on Binance and other exchanges.
Source: Cryptocurrency
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