Binance denies system error in alleged $5M AKE loss

Binance has denied that a system or pricing failure caused more than $5 million in alleged trader losses as the AKEUSDT perpetual contract surged from about $0.0076 to nearly $0.045 on Sept. 3. Summary A trader claims that more than 30 funding-rate arbitrage positions lost over 5 million USDT. Binance says its pricing and liquidation systems operated normally during the AKE surge. The exchange uses external spot-market data because it does not list AKE for spot trading. The trader has requested transaction records, liquidation details and Binance’s risk-control logs. Binance says AKE liquidations followed market volatility X user xunlu alleged that more than 30 funding-rate arbitrage positions on Binance were liquidated within minutes at around 5:44 a.m. UTC+8 on Sept. 3. The trader estimated the losses at more than 5 million USDT and alleged that the sudden move resulted from coordinated activity in the AKE market rather than ordinary trading. Responding to the complaint, Binance Customer Support said AKE recorded large price swings across several exchanges and on-chain markets during the same period. The exchange attributed the liquidations to market conditions and rejected the c...