A trader is claiming losses of more than 5 million USDT after over 30 positions were liquidated on Binance’s AKEUSDT perpetual futures contract on September 3.
I warned you to just watch and not to trade this manipulated coin.$AKE liquidated every short position before dumping 🩸
Be safe from these crime pumps on BNB Chain. ⚠️
You don’t have to trade every pump. Sometimes the smartest move is to just WATCH and LEARN. https://t.co/zsEy4Gzipz pic.twitter.com/LtZ4ZfPTek
— Zayn (@Zaynnode) September 3, 2026
The trader, known on X as xunlu, says the liquidations happened within minutes at around 5:44 a.m. UTC+8. He alleges the move was caused by coordinated activity in the AKE market, not normal trading.
AKE’s price surged from around $0.0076 to nearly $0.045 during the session. That is a rise of roughly 492% in a short period of time.
The trader says this sudden spike wiped out his funding-rate arbitrage positions. These are trades designed to earn small payments from market imbalances, not to bet on price direction.
Binance says its systems were working properly throughout the event. The exchange says it ran an internal review and found no issues with its pricing model, risk controls, or liquidation engine.
Binance does not list AKE on its spot market. Because of this, the AKEUSDT perpetual contract uses price data from several external spot markets to calculate its mark price.
This multi-market index is meant to prevent one unusual price spike from triggering mass liquidations. Binance says this system worked as intended on September 3.
The trader argues the mark price calculation still resulted in unfair liquidations. He has asked Binance to release all trading records, liquidation data, and risk-control logs from the session.
Publicly available aggregated spot data showed heavy volatility on September 3. The highest combined spot price was below the contract peak the trader cited, but the gap has not been fully explained.
Binance attributes the liquidations to the risks that come with leveraged trading in volatile markets. The exchange has not accepted the trader’s claim of coordinated manipulation.
The trader pointed to an earlier TUT liquidation event where some competing exchanges paid compensation to affected users. Binance says the two events are not comparable.
No regulator or independent investigator has publicly reached a finding on the trader’s allegations. Binance has acknowledged the complaint but has not announced any compensation.
The trader is continuing to push for a full disclosure of the relevant data from Binance.
The post Binance Denies System Error After Trader Claims $5 Million Loss on AKE Futures Contract appeared first on CoinCentral.
