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News Explorer — Binance to Pay Customers $1M in USDT Over CYBER Token Issue

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Sep 8, 1:21 pm
Cointelegraph

Binance to Pay Customers $1M in USDT Over CYBER Token Issue

Binance is refunding 1 million USDT stablecoins to users who were unable to redeem their CYBER tokens due to a liquidity crunch on Korean exchange Upbit. The price discrepancy led to arbitrageurs borrowing CYBER from Binance, reaching the loan limit and preventing redemptions for staked assets. Binance plans to increase interest rates on staked assets during periods of high token volatility to discourage lending.

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