Exchange
Blockchain and crypto asset exchange
Academy
Blockchain and crypto education
Broker
Trading terminal solutions
Charity
Charity
Cloud
Enterprise exchange solutions
DEX
Fast and secure decentralized digital asset exchange
Labs
Incubator for top blockchain projects
Launchpad
Token Launch Platform
Research
Institutional-grade analysis and reports
Trust Wallet
Binance's official crypto wallet
Buy Crypto
Markets
Scan to Download App IOS & Android
Download
English
USD
Support Center
Announcement
Latest Binance News
SXPDOWN (Binance Leveraged Token) Incident & Planned Compensation
Binance
2020-12-02 01:46
Fellow Binancians,
A rare system bug on the SXPDOWN Binance Leveraged Token (“BLVT”) caused the algorithm to enter an infinite rebalancing loop at 2020/11/30 7:17:00 PM (UTC). This desynced the token from the underlying SXPUSDT perpetual contract and caused a large degeneration in the NAV of the SXPDOWN token.
The issue was resolved at 2020/11/30 10:00:00 PM (UTC), and additional technical protections have been put in place to prevent recurrence; additional monitoring systems are also live to check for similar issues.
To compensate users for any losses that may have occurred while trading the SXPDOWN token during the affected period, Binance will be taking the following actions:
  • All verified losses incurred by users trading the SXPDOWN token at 2020/11/30 7:17:00 PM (UTC) will be covered by Binance.
  • Binance will notify and follow-up with affected users in batches.
  • Users who have queries can email lvt@binance.com and we will respond within 7 working days.
Thank you for your patience and we apologize for any inconvenience.
Thanks for your support!
Binance Team
2020/12/02
Trade on the go with Binance’s mobile crypto trading app:
Find us on
Related Articles
Binance Liquid Swap System Upgrade Notice (2021-06-18)