The Daily: Binance pays $283 million in compensation following Friday's depegs, bitcoin recovers above $114,000 as crypto market stabilizes after historic wipeout, and more

Happy Monday! Following a volatile end to last week, the crypto market is beginning to stabilize after a historic wipeout that saw at least $20 billion in leveraged positions liquidated.

The Historic "Depeg" and Compensation

Binance has announced it paid $283 million in compensation to users affected by the depegging of USDe, BNSOL, and WBETH during Friday's crash. The exchange clarified that the compensation covers futures, margin, and loan users who held these assets as collateral.

Friday Wipeout Snapshot

Total Liquidations: Over $20 billion wiped out globally.
Binance Payout: $283 million disbursed for verified collateral and Earn losses.
Asset Recovery: Bitcoin recovered above $114,000; Ethereum returned to over $4,000.

"I do not think it is accurate to describe this as a USDe depeg when a single venue was out of line with the deepest pools of liquidity," — Ethena Labs CEO, Guy Young.

Operational and Security Developments

Binance blamed the severe price drops in tokens like ATOM and IOTX on outdated limit orders dating back to 2019. Meanwhile, Ripple and Immunefi have launched an "Attackathon" to secure the proposed XRPL Lending Protocol, and Hyperliquid's latest upgrade has enabled permissionless perp market creation.

Event	Impact/Status	Key Catalyst
BTC Recovery	Above $114,000	Leverage Reset
Macro Shocks	Triggered Crash	Chinese Export Curbs / U.S. Tariffs
Sentiment	"Uptober" Dented	Shift to CPI & Fed Policy

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000! Let's get started!