Binance to reimburse customers $1M for Cyber Earn incident

Crypto trade Binance is refunding customers 1 million USDT (USDT) ($1 million) over its dealing with of the CyberConnect (CYBER) token incident.

As described by the trade on Sept. 7, a worth discrepancy on listed CYBER tokens occurred the week prior on account of a liquidity crunch constricting CYBER cross-chain bridges on Korean cryptocurrency trade Upbit. This led to arbitrageurs borrowing CYBER from Binance to revenue from the distinction. In flip, Binance customers who staked CYBER in its Versatile Earn Program have been barred from redemptions, because the staked property had been borrowed, reaching the mortgage restrict. The trade acknowledged:

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