Fellow Binancians,
A rare system bug on the SXPDOWN Binance Leveraged Token (âBLVTâ) 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
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