Binance: Users affected by the CYBER currency earning incident will receive a total of 1 million USDT value subsidies

Odaily News Binance issued an announcement Explanation and Solution About CYBER Earning Coin Incident. The announcement stated that on August 31, 2023, Upbit only supports CYBER tokens (ERC20) issued by the Ethereum network and does not support the BNB Smart Chain network. CYBER (BEP20) was issued, and the project team did not have a cross-bridge plan at that time. In addition, there was a price difference between Upbit and other platforms, which led to insufficient liquidity of CYBER (ERC20) on Binance and other trading platforms at the same time. Due to the price difference and the rapid rise in the price of CYBER, a large number of cross-platform trading users began to borrow currency for transactions, and the demand for CYBER lending surged. At this time, the platforms suspension of borrowing risk control has been triggered and the lending interest rate has been increased. Since Binances lending completely follows the principle of real currency borrowing, although it has reserved a redemption reserve fund and made corresponding adjustments, it is not enough to cope with the large number of redemption requests in the short term under extreme market conditions. The Binance platform will use all the proceeds from the launch of CYBER financial products (871 CYBER) and an additional budget totaling 800,000 USDT to subsidize users. The 887 users who failed to redeem on the coin-earning platform CYBER from 8:00 on August 29 to 8:00 on September 5 (East Eight District time) will receive subsidies based on their daily average CYBER holding ratio. During this period, other CYBER currency deposit users on the coin-earning platform will equally share the additional CYBER regular experience coupons equivalent to 200,000 USDT provided by the CyberConnect Foundation.