TL;DR
- IoTeX confirmed that the apparent IOTX crash to zero on Binance was caused by a technical glitch involving chart display issues and old limit orders under thin liquidity, not genuine trading.
- Binance corrected the anomaly, compensated impacted users, and released a detailed explanation.
- IoTeX introduced a recovery plan involving token buybacks, reward programs, and liquidity coordination to restore trust and reinforce market stability.
IoTeX, the blockchain platform focused on real-world AI applications, moved quickly after its token briefly displayed a zero price on Binance during the October 10 market turmoil. The team clarified that no real trades occurred at that level. The misleading drop resulted from UI display failures and historical orders triggered during extreme volatility. Binance restored accurate charts and issued compensation to users who experienced losses tied to the glitch.
The company emphasized that fixing the chart was only a preliminary action. Its broader plan aims to rebuild sentiment among investors, address liquidity depth, and prevent similar distortions. IoTeX reiterated its commitment to community members affected by the event and highlighted long-term efforts to reinforce market confidence. The team also noted that it would increase transparency through periodic updates across major social channels and technical bulletins to reassure institutional partners and smaller investors alike.
Token Buybacks Gain Momentum
At the center of the plan is a foundation-led token buyback initiative intended to shrink circulating supply and show continued backing for the asset. IoTeX is also coordinating with market makers to enhance liquidity, especially across centralized exchanges with higher retail activity. Additional discussions are underway with analytics firms to improve monitoring tools that can quickly flag imbalances before they lead to inaccurate price displays.
The strategy includes direct cooperation with partner platforms to prevent outdated orders from resurfacing in future stress scenarios. These actions are meant to stabilize price formation and reduce vulnerability to technical anomalies.
Reward Programs For Long-Term Supporters
In addition to buybacks, IoTeX is preparing new reward programs tailored for long-term token holders. The incentives will include participation-based benefits, ecosystem collaborations, and opportunities for users aligned with the project’s growth in sectors like smart devices, automation, and digital identity. The team is also evaluating grant-style initiatives to encourage developers building tooling and integrations around the IOTX token.
Binance committed to refining its interface and implementing additional safeguards to prevent abnormal pricing in similar events. The exchange confirmed it distributed around $283 million in compensation across multiple affected assets.
Industry observers note that the swift, coordinated response by IoTeX has positioned the project as a resilient and proactive player.
