BNB Chain has announced the launch of a $45 million compensation airdrop to help users who suffered losses during the crypto market crash last Friday.
The initiative will distribute BNB tokens to over 160,000 eligible wallet addresses, with the distribution process expected to begin this week and be completed by early November.
BNB Chain is a blockchain network developed by Binance, currently maintained by a decentralized community. It supports the native BNB token, in addition to being a leading ecosystem for DeFi applications, games and digital assets.
According to Binance co-founder and former CEO Changpeng Zhao (CZ), the airdrop distribution will be done randomly in collaboration with ecosystem partners such as Four Meme, PancakeSwap, Binance Wallet and Trust Wallet.
The move comes after the crypto market saw over $20 billion liquidated on Friday, the largest single-day record in the industry’s history.
Interestingly, despite the market pressure, BNB surged to an all-time high (ATH) of around $1,370 on Monday, according to CoinMarketCap data.
The main reason for the market drop was attributed to US President Donald Trump’s statement on Truth Social, which threatened to impose a 100% tariff on Chinese imports. The negative sentiment triggered a massive panic selling, resulting in a record liquidation in the global crypto market and Binance becoming the focus of criticism.
Several traders claimed to have experienced a system outage on Binance, which prevented them from closing futures positions as prices plummeted.
On Sunday, Binance issued an official statement to clarify the issue.
According to the company, its futures system was functioning normally during the drop, and the sharp decline for some spot pairs was due to old limit orders that were activated when market liquidity was too thin.
