Binance Responds to User Losses in AKEUSDT Contracts, No Abnormalities Found in System or Pricing Mechanism

Odaily Planet Daily News: Binance Customer Support posted on the X platform in response to the article regarding the “AKE (AKEDO) contract abnormal short squeeze causing a $5 million loss,” stating that during the period of September 3, 2026, 05:44 (UTC+8), the AKE token experienced significant price fluctuations across the market. These fluctuations were reflected on multiple major trading platforms and on-chain markets, with overall trends being largely consistent, indicating market volatility rather than abnormal pricing on a single platform. Binance has not yet launched AKE spot trading. The pricing and liquidation mechanism for AKEUSDT contracts are not based on Binance's spot market but are calculated by referencing spot market prices across the entire network. The significant price fluctuations in AKE spot primarily occurred on other trading platforms and on-chain markets, which subsequently impacted the contract market. Binance contracts use the mark price as a critical basis for determining forced liquidation. The mark price comprehensively references price data from multiple markets and employs mechanisms to mitigate the impact of abnormal or extreme prices on liquidations. After verification, Binance's systems were operating normally, and no abnormalities were found in the pricing mechanism. This situation was not caused by platform pricing anomalies or system malfunctions but rather represents the normal risks associated with leveraged positions during extreme market conditions.