Ethena Labs founder praises Binance's response to fully compensate affected stablecoin holders

Last week, Ethena Labs' stablecoins (USDe and USDtb) experienced wild swings. The trigger for the incident appears to be a combination of President Trump's announcement of additional tariffs on China and the liquidation of cryptoassets on Binance.
On October 12, Binance confirmed that it had conducted a review of the affected accounts and promised full compensation for unfair liquidation losses, estimated to total $283 million.
Today, Ethena founder Guy Young shared via X, expressing his gratitude for Binance's quick response: "I would like to commend Binance for the speed with which it addressed the loss of its platform. The scale of user compensation this time is unprecedented. This is the first step in rebuilding user trust, which will be gradually restored over time. Now is not the time to point fingers at each other. Binance deserves credit for not avoiding this incident, but responding head-on and providing an immediate solution."
He added: "To allay any concerns about the relationship between Ethena and Binance, our partnership remains strong and unaffected by the events of last weekend. We will continue to support each other's products. We are also providing support where we can to update their oracle approach and risk parameters to better manage future extreme tail risk scenarios. Both parties will provide an update on this resolution later this week."