This is a recap of what happened on the night of October 11th, according to a quantitative market maker. Binance has yet to explain why all external orders were rejected between 5:00 AM and 6:00 AM (UTC 8) on October 11th. The truth may be complex, but it will surely come. Communication regarding the Binance Exchange system outage claim application This account has cumulatively lost over $1 million worth of ETH. If the losses occurred during other periods, or if our incident was isolated, we would have accepted the loss. It's not a large amount... This is essentially the case for all PM accounts with open positions. We have a very strong chain of evidence. A zero-sum claim is difficult to accept. Our application is very reasonable. We also lost money on our ETH/BTC/SO holdings, but that's not covered by this claim. We only requested information related to the period indicated by the evidence link. Regarding our XRP/DOGE holdings, we wouldn't dare do that. We presented our claims scientifically and reasonedly in good faith (and despite having multiple accounts contributing to Binance's trading volume for a long time), yet they were ignored and simply handled. Binance's revised API documentation developers.binance.com/docs/… Previous compensation was based on the 503 status code in the testnet General Info. The core evidence is the 503 variant [C]. The error code in my log violates the "ReduceOnly priority" commitment. The 200 retries and 106 minutes of continuous failure further demonstrate systemic flaws. The errors in the logs are API-level error codes (the "code" field in the JSON response). The HTTP status code (like 503) doesn't acknowledge that there was a problem with the matching engine during the downtime (it simply states a 10% rejection rate). I don't know where the 10% came from. Did they report it? The statistical standard is that it looks okay visually? It seems okay. When was the general info updated? Previously, the public documentation didn't have general info for the PM account. There was only one endpoint, a unified account endpoint (I don't know if it was a mirror). What is this testnet? Is it a test system for the PM system? A complete disregard for losses I. Claim Summary Amount Claimed: 591,835 USDT Reason for Claim: ReduceOnly orders were rejected due to an exchange system failure. The HTTP 503 error indicated the system was completely unavailable, preventing stop-loss orders from being closed, resulting in significant losses. Event Date: October 11, 2025 II. Loss Details 1. DOGE/USDT: USDT Perpetual Contract · Loss Amount: 443,835 USDT · Position Size: 3,413,001 DOGE · Initial Collateral: Approximately 656,000 USD · Unrealized Loss: -266,000 USD (Continuously Worsening) · Issue Type: Unable to execute ReduceOnly order to close positions 2. XRP/USDT: USDT Perpetual Contract · Loss Amount: 148,000 USDT · Position Size: 7,326.10 XRP · Initial Collateral: Approximately 17,144 USD · Unrealized Loss: -5,781 USD (Continuously Increasing) · Issue Type: Unable to execute ReduceOnly liquidation order. III. Event Details Event Timeline October 11, 2025, 05:12–07:02 AM (UTC 8) Phase 1: Risk Identification and Liquidation Attempts (05:12–05:16) 1.05:12:15 - System detected position risk and attempted liquidation of SOL/USDT: USDT 2.05:12:22 - Attempted liquidation of BTC/USDT: USDT (automatically deleveraged) 3.05:12:36 - Attempted liquidation of DOGE/USDT: USDT (automatically deleveraged) First error: NEW_ORDER_REJECTED (-2010) 4.05:13:08 - Attempted liquidation of ETH/USDT: USDT Error: ReduceOnly_Rejected (-2022) Phase 2: Systemic Failure Begins (05:15-05:16) 05:15:45 - Attempted to close XRP/USDT:USDT position Error Code: -4118\1008 HTTP Status: 503 Service Unavailable Error Message: "ReduceOnly Order Failed. Please check your existing position and open orders." 06:15:50 - Attempted to close DOGE/USDT:USDT position. Position: 3,413,001 DOGE Error Code: -4118\1008 HTTP Status: 503 Service Unavailable Error message: "ReduceOnly Order Failed. Please check your existing position and open orders." 7.05:16:09 — DOGE position closing failed, system retries 20 times. Position size: 3,413,001 DOGE Collateral: 656,832 USD Unrealized loss: -266,118 USD Attempted closing quantity: 3,000,000 DOGE. All retries failed. 8.05:16:16 — XRP position closing failed, system retries 5 times. Position size: 7,326.10 XRP Collateral: 17,134 USD Unrealized loss: -5,771 USD USD . Attempted position closing: 5,860.88 XRP (4/5 positions). All retries failed. Phase 3: Continued deterioration (05:16-07:02) 9.05:16-06:58—Continuous attempts to close positions, cumulatively failing over 200 times. Each attempt received the same error code—4118/—1008. Positions could not be reduced, and risk exposure continued. Unrealized losses continued to increase. 10.06:44-06:55—Market volatility increased. The system attempted to open a new position (possibly a hedging attempt). However, the old position could not be closed. The error continued. 11.06:58-07:02—Final position closing attempt. Continued attempts to close DOGE and XRP positions. All attempts failed. Event log end: 07:02:02 IV. Technical Evidence Error Code Analysis 1. Error Code—1008 2. Error Code—4118 Error: Could not place sell order Due to Operation Rejected Message: {"code": -4118, "msg": "ReduceOnly Order Failed. Please check your existing position and open orders."} Error: HTTP 503 Service Temporarily Unavailable Message: {"code": -1008, "msg": "Server is busy, please try again later."} This error means: ·ReduceOnly orders are specifically used to reduce positions and mitigate risk. ·This order type should be given the highest priority. ·The error message indicates that the exchange rejected the risk management order. 2. Error Code—2022 Error: Could not place sell order due to ReduceOnly_Rejected Message: {"code": -2022，"msg":"ReduceOnly Order is rejected." 3. Error Code—2010 Error: Could not place sell order due to NEW_ORDER REJECTED Message: {"code": -2010, "msg": "Order would trigger immediately."} System Log Evidence Key log snippets: 2025-10-11 05:16:09,599 UTC 08:00 | WARNING PGSystem. strategy Bot 1 Attempting to close position DOGE/USDT: USDT Reason: auto deleveraging Position Size: 3413001.00000000 | Collateral: 656832.042USD Unrealized PnL: -266118.65632998 USD 2025-10-11 05:16:09,715 UTC 08:00 ERROR PGSystem. execution Bot 1 Position Size: 3413001.00000000 | Collateral: 656832.042USD Unrealized PnL: -266118.65632998 USD ReduceOnly order size: 3000000.00000000 Error closing position DOGE/USDT: USDT: Could not place sell order due to OperationRejected. Message: binance {"code":-4118,"msg": "ReduceOnly Order Failed. Please check your existing position and open orders."} 2025-10-11 05:16:09,720 UTC 08:00 ERROR PGSystem. execution Bot 1 Error closing position DOGE/USDT: USDT: HTTP 503 Service Temporarily Unavailable. Message: binance {"code":-1008, "msg": "Server is busy, please try again later."} 2025-10-11 05:16:16,452 UTC 08:00 WARNING PGSystem. strategy Bot 1 Attempting to close position XRP/USDT: USDT Reason: auto deleveraging Position Size: 7326.10000000 | Collateral: 17134.283 USD Unrealized PnL: -5771.47879486 USD 2025-10-11 05:16:16,572 UTC 08:00 ERROR PGSvstem. execution Bot 1 Position Size: 7326.10000000 | Collateral: 17134.283 USDI Unrealized PnL: -5771.47879486 USD | ReduceOnly order size: 5860.88000000(4/5 position) Error closing position XRP/USDT: USDT: Could not place sell order due to OperationRejected. Message: binance {"code": -4118, "msg": "ReduceOnly Order Failed. Please check your existing position and open orders." 2025-10-11 05:16:16,578 UTC 08:00 ERROR PGSystem. execution Bot 1 Error closing position XRP/USDT: USDT: HTTP 503 Service Temporarily Unavailable. Message: binance {"code":-1008,"msg": "Server is busy, please try again later." V. Cause Analysis 1. Exchange engine load rejection (Load Rejection According to system log analysis, during the incident, the exchange engine experienced excessive load and automatically rejected new orders. 2. Systematic Order Blockage Time Period: 05:15:45–07:02:02 (106 minutes) · All ReduceOnly orders were systematically blocked. · Error Codes: -2010, -2022, -4118 \HTTP: -1008 Affected Orders: 200 · Continuous HTTP 503 errors prove the exchange's system is completely unavailable. In this incident, Binance failed to fulfill the aforementioned obligations, constituting a breach of the service agreement. 2. Clear causal relationship Direct causal chain: 1. Binance system failure (fact) 2. ReduceOnly order rejection (fact) 3. Unable to execute risk management (fact) 4. Continuous exposure leading to losses (fact) 5. Continuous HTTP 503 errors prove the exchange's system is completely unavailable (fact) 3. Quantifiable losses · Clear record of initial unrealized losses · Verifiable final loss amount · Complete and clear timeline · Direct and clear causal relationship @SECGov @CFTC @FinCENnews @FBI @MAS_sg @ESMAComms @JFSA_en @ESMAComms @EU_Finance @TheFCA @AMF_France_News @AutoriteitFM @CNMV_IP @CNMV_IFI @binancezh @BinanceHelpDesk @binance @cz_binance @HyperliquidX @Alpha_pls @Bluntz_Capital @Leshka_eth @Based16z @coryswan @ZeMariaMacedo @sobradob @Bloomberg

这是一个量化做市商朋友还原10.11当晚发生的事情，币安到目前为止都未给出解释，为什么10.11 5：00-6：00（utc 8)所有外部订单都会被拒绝。真相或许很曲折，但是一定会到来。 币安交易所系统故障索赔申请沟通情况 该账户累计损失100多万美金价值的ETH 其实如果是其他时段、非这个时段亏损，以及我们单独事件是孤立的，我们也就认亏了。这个钱也不多...... 所有PM账户有持仓的基本上都是这个情况。这个，我们证据链非常充分。0索赔比较难接受～嗯 我们的申请非常合理，eth/btc/sol的持仓我们也亏了但不在这次申请索赔的范围之内，仅仅申请了证据链路所指向的那个时段，xrp/doge 这两个持仓，binance.US的K线、订单薄 可没敢这样～我们怀着善意科学、论证过（并且有着不仅仅一个账户、多个账户长时间在binance贡献交易量的情况下），被漠视、简单处理. binance 对方给过的修改过的API文档 developers.binance.com/docs/… 之前赔付根据为503状态的testnet General info 503变体【C】，核心证据是我日志的错误码错误违 反“ReduceOnly优先”承诺，200 次重试和106分钟持续失败进一步证明系统缺陷 日志中的错误是API级别的错误代码（JSON响应中 的“code”字段），HTTP状态码（如503）不承认自己撮合引擎在宕机阶段存在问题（只是说了拒绝率10%）也不知道10%哪来的？问报告没有？问统计标准就是目视感觉还可以的感觉？感觉还行的感觉？ 个General info啥时候更新的，之前公开文档可没有PM账户的General info，只有一个端点、一个统一账户的端点（也不知道是不是镜像）。这个testnet是什么？PM系统的测试系统么？ 一副完全不赔钱的态度 一、索赔概要 索赔金额：591，835USDT 索赔原因：交易所系统故障导致ReduceOnly订单被拒绝，HTTP 503错误证明系统完全不可用、无法平仓止损，造成重大损失 事件日期：2025年10月11日二、损失明细 1.DOGE/USDT: USDT永续约 ·损失金额：443，835 USDT ·仓位大小：3，413，001 DOGE ·初始抵押品：约656，000USD ·未实现亏损：—266，000USD（持续恶化） ·问题类型：无法执行ReduceOnly平仓订单2.XRP/USDT: USDT永续合约 ·损失金额：148，000 USDT ·仓位大小：7，326.10 XRP ·初始抵押品：约17，144USD ·未实现亏损：—5，781USD（持续恶化） ·问题类型：无法执行ReduceOnly平仓订单三、事件经过详述 事件时间线 2025年10月11日凌晨05：12—07：02（UTC 8）阶段一：风险识别与平仓尝试（05：12—05：16） 1.05：12：15—系统检测到仓位风险，尝试平仓SOL/USDT: USDT 2.05:12:22-尝试平仓BTC/USDT:USDT(自动去杠 杆) 3.05:12:36-尝试平仓DOGE/USDT:USDT(自动去杠 杆) 。首次出现错误：NEW_ORDER_REJECTED (-2010) 4.05:13:08-尝试平仓ETH/USDT:USDT 。错误：ReduceOnly_Rejected(-2022) 阶段二：系统性故障开始（05：15—05：16） 5.05:15:45-尝试平仓XRP/USDT:USDT 错误代码：—4118\1008HTTP状态：503Service Unavailable 。错误信息："ReduceOnly Order Failed. Please check your existing position and open orders." 6.05:15:50-尝试平仓DOGE/USDT:USDT 。仓位：3,413,001 DOGE 。错误代码：—4118\1008 HTTP状态：503Service Unavailable 。错误信息："ReduceOnly Order Failed. Please check your existing position and open orders. 7.05：16：09—DOGE平仓失败，系统进行20次重试 仓位大小：3，413，001 DOGE 。抵押品：656，832 USD 。未实现亏损：—266，118 USD 。尝试平仓数量：3，000，000 DOGEo所有重试均失败 8.05：16：16—XRP平仓失败，系统进行5次重试 。仓位大小：7，326.10 XRP 。抵押品：17，134 USD 。未实现亏损：—5，771 USD 。尝试平仓数量：5，860.88XRP（4/5仓位）。所有重试均失败 阶段三：持续恶化（05：16—07：02） 9.05：16—06：58—持续尝试平仓，累计失败200 次 。每次尝试均收到相同错误代码—4118/—1008。仓位无法减少，风险持续暴露 。未实现亏损持续扩大 10.06：44—06：55—市场波动加剧 。系统尝试开立新仓位（可能是对冲尝试）。但旧仓位仍然无法平仓 。错误持续出现 11.06：58—07：02—最后的平仓尝试 。继续尝试平仓DOGE和XRP 。所有尝试均失败 。事件记录截止：07：02：02四、技术证据 错误代码分析 1.错误代码—1008 2.错误代码—4118 Error: Could not place sell order due to OperationRejected Message: {"code": -4118, "msg": "ReduceOnly Order Failed. Please check your existing position and open orders."} Error: HTTP 503 Service Temporarily Unavailable Message: {"code": -1008, "msg": "Server is busy, please try again later. "} 此错误的含义： ·ReduceOnly订单是专门用于减少仓位、降低风险的订单类型 ·该订单类型应当享有最高优先级 ·错误信息表明交易所拒绝执行风险管理订单2.错误代码—2022 Error: Could not place sell order due to ReduceOnly_Rejected Message: {"code": -2022，"msg":"ReduceOnly Order is rejected. " 3.错误代码—2010 Error: Could not place sell order due to NEW_ORDER REJECTED Message: {"code": -2010, "msg": "Order would trigger immediately."} 系统日志证据 关键日志片段： 2025-10-11 05：16：09,599 UTC 08:00 | WARNING PGSystem. strategy Bot 1 Attempting to close position DOGE/USDT: USDT Reason: auto deleveraging Position Size: 3413001.00000000 | Collateral: 656832.042USD Unrealized PnL: -266118.65632998 USD 2025-10-11 05：16：09,715 UTC 08: 00 ERROR PGSystem. execution Bot 1 Position Size: 3413001.00000000 | Collateral: 656832.042USD Unrealized PnL: -266118.65632998 USD ReduceOnly order size: 3000000.00000000 Error closing position DOGE/USDT: USDT: Could not place sell order due to OperationRejected. Message: binance {"code":-4118,"msg": "ReduceOnly Order Failed. Please check your existing position and open orders."} 2025-10-11 05：16：09,720 UTC 08:00 ERROR PGSystem. execution Bot 1 Error closing position DOGE/USDT: USDT: HTTP 503 Service Temporarily Unavailable. Message: binance {"code":-1008, "msg": "Server is busy, please try again later."} 2025-10-11 05：16：16,452 UTC 08:00 WARNING PGSystem. strategy Bot 1 Attempting to close position XRP/USDT: USDT Reason: auto deleveraging Position Size: 7326.10000000 | Collateral: 17134.283 USD Unrealized PnL: -5771.47879486 USD 2025-10-11 05：16：16,572 UTC 08:00 ERROR PGSvstem. execution Bot 1 Position Size: 7326.10000000 | Collateral: 17134.283 USDI Unrealized PnL: -5771.47879486 USD | ReduceOnly order size: 5860.88000000(4/5 position) Error closing position XRP/USDT: USDT: Could not place sell order due to OperationRejected. Message: binance {"code": -4118, "msg": "ReduceOnly Order Failed. Please check your existing position and open orders."} 2025-10-11 05：16：16,578 UTC 08: 00 ERROR PGSystem. execution Bot 1 Error closing position XRP/USDT: USDT: HTTP 503 Service Temporarily Unavailable. Message: binance {"code":-1008,"msg": "Server is busy, please try again later."} 五、故障原因分析 1.交易所引擎负载拒绝(Load Rejection) 根据系统日志分析报告，在事件发生期间，交易所引擎出现负载过高，自动拒绝新订单。 2.订单系统性阻塞 时间段：05：15：45—07：02：02（106分钟） ·所有ReduceOnly订单被系统性阻塞 ·错误代码：—2010、—2022、—4118\HTTP：—1008受影响的订单：200 笔 ·持续的HTTP503错误证明交易所系统完全不可用 在本次事件中，币安未能履行上述义务，构成服务协议违约。 2.因果关系明确 直接因果链： 1.币安系统出现故障（事实） 2.ReduceOnly订单被拒绝（事实） 3.无法执行风险管理（事实） 4.仓位持续暴露导致损失（事实） 5.持续的HTTP503错误证明交易所系统完全不可用（事 实) 3.损失可量化 ·初始未实现亏损有明确记录 ·最终损失金额可验证 ·时间线完整清晰 ·因果关系直接明确 @SECGov @CFTC @FinCENnews @FBI @MAS_sg @ESMAComms @JFSA_en @ESMAComms @EU_Finance @TheFCA @AMF_France_News @AutoriteitFM @CNMV_IP @CNMV_IFI @binancezh @BinanceHelpDesk  @binance @cz_binance @HyperliquidX @Alpha_pls @Bluntz_Capital @Leshka_eth @Based16z @coryswan @ZeMariaMacedo @sobradob @Bloomberg @Bloomberg

On the 29th, coin exchange and transfer to members were completed. . Please look forward to constantly upgrading and developing your coin. Peps project will proceed according to the roadmap is scheduled. #pepsproject #pepscoin #pgsystem #cryptocurrency

@jahshirehardnet @3Turner Point Guard U!!! #MurraySate #RacerNation be next in line. One way trip to the NCAA's and NBA. #PGSystem