Binance Launches $400M ‘Together Initiative’ to Compensate Users and Rebuild Confidence After Crypto
Binance, the world’s largest crypto exchange, has announced a $400 million “Together Initiative” to help users affected by last Friday’s massive crypto flash crash. The plan includes $300 million in vouchers (ranging from $4 to $6,000) for users who lost at least $50—representing 30% or more of their total assets. Eligible users will receive compensation within 96 hours through Binance’s Rewards Hub. Binance will also provide a $100 million low-interest loan fund to help institutional and ecosystem users restart trading, aiming to restore confidence and stabilize liquidity. The move follows $283 million already pledged to holders of depegged tokens like USDE, BNSOL, and WBETH. The flash crash, triggered by Trump’s 100% tariff announcement on China, wiped out $20 billion in open interest and liquidated 1.7 million traders, one of crypto’s largest-ever liquidation events.
Crypto got smoked. 19B gone in hours here’s what happened ☠️
Friday was brutal. A 19 billion liquidation hit the crypto market like a truck — the biggest single-day wipeout of leveraged trades ever.
And the trigger? Trump vs China.
After Trump posted on Truth Social, calling China “very hostile” and threatening *massive new tariffs over their rare earth export controls, the market tanked.
- BTC crashed from 124K →104K in just a few hours - It bounced a bit, hovering around 113K, but the damage was done - Over 1.6 million traders got caught — mostly long positions
Of that 19B, a crazy 16.6B came from longs alone. Shorts? Only 2.4B.
*TL;DR: Trump tweeted → China tension flared up → Market panicked → $19B gone 💥
Stay safe out there. Leverage is no joke.
Summary
$19B in crypto positions liquidated after Trump’s hostile US-China remarks. Bitcoin fell 16% to $104K before rebounding; 1.6M traders wiped out in hours. Altcoins hit harder: LTC -51%, TON -41%, DOGE -39% before partial recovery.