Binance customer service said in a response to user inquiries about losses in AKEUSDT futures trading that AKE saw sharp price swings across the broader market around 05:44 on Sept. 3 (UTC+8). According to the exchange, price action on multiple major trading platforms and on-chain markets was broadly consistent, indicating a market-wide move rather than an isolated pricing anomaly on Binance.
Binance also said it does not offer spot trading for AKE, so the AKEUSDT futures price is calculated with reference to spot prices across the wider market instead of a Binance spot market. The liquidation mechanism uses mark price and draws on price data from multiple markets to reduce the impact of abnormal volatility.
After reviewing the event, Binance said its system was operating normally and that no issues were found in its pricing mechanism. The exchange described the incident as normal risk associated with leveraged positions during extreme market conditions.
ChainCatcher reported that Binance customer service, responding to user questions about losses in AKEUSDT futures trading, said AKE experienced sharp price volatility across the broader market around 05:44 on Sept. 3 (UTC+8).
Binance said price trends across multiple major trading platforms and on-chain markets were broadly aligned, and that the move reflected market volatility rather than an isolated pricing anomaly on a single platform.
The exchange said it has not listed AKE for spot trading, so the AKEUSDT futures price is calculated with reference to spot prices across the broader market rather than from a Binance spot market. It added that its liquidation mechanism uses mark price and incorporates price data from multiple markets to reduce the effect of abnormal volatility.
Binance said its review found that the system was operating normally and that no abnormality was detected in the pricing mechanism. It said the event fell within the normal risks faced by leveraged positions during extreme market moves.
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