What an apology can't calm the public anger! The USDe depeg compensation plan ignites dissatisfaction in the community.

He Yi apologized and posted two tweets in response to the USDe depeg incident, promising compensation for users who were liquidated, but it sparked even greater controversy. The USDe depeg caused a big dump to 0.65 USD, leading to mass liquidations. He Yi emphasized that "the platform is responsible for the issues" but will not compensate for market fluctuation losses. Customer service's comment that "the value of altcoins is 0" raised serious doubts about He Yi's sincerity.

USD depeg triggers risk control crisis: What is the compensation plan behind the apology

On October 11, the global cryptocurrency market experienced severe Fluctuation, with the stablecoin USDE on major trading platforms once depegging and plummeting to 0.65 USD. The liquid staking tokens BNSOL (tracking Solana prices) and WBETH (tracking Ethereum prices) also significantly depegged one after another. The community questioned the platform's risk control, which failed to effectively respond to the abnormal Fluctuation of USDe, leading to a large number of users facing liquidation and losses.

· USDe depeg compensation plan core content

In response to the USDe depeg incident, the trading platform issued an official announcement this morning, launching a compensation plan. Before He Yi apologized, the platform made it clear that all users who used USDE, BNSOL, and WBETH as margin or collateral during the USDe depeg period and were liquidated would automatically receive compensation.

Key Provisions of the USDe Depeg Compensation Plan:

Compensation targets: Users who have used three types of assets as collateral and have been liquidated.

Compensation method: automatic distribution, requires customer service registration and verification.

Processing time: Determination after checking account activities one by one.

Exclusion range: losses from pure market fluctuations or unrealized profits

In the apology statement, it was particularly emphasized that the platform "never shies away from issues," but reiterated that it does not compensate for losses due to market fluctuations. This definition has become the focal point of subsequent disputes, as the community questions whether the depeg of USD is a "platform issue" or "market fluctuation"?

He Yi apologizes and issues two tweets: acknowledges platform responsibility but sets compensation red line

The co-founder of the trading platform, He Yi, apologized in two consecutive posts on the X platform in response to the USDe depeg controversy. He Yi first stated: "Due to the drastic market fluctuations and the influx of users, some users encountered problems during the trading process, for which I sincerely apologize."

· He Yi's First Tweet

He Yi apologized in the first post, promising to compensate for the losses caused by platform issues: "Due to significant market fluctuations in the past 16 hours and an overwhelming influx of users, some users encountered problems during trading, and I sincerely apologize. For losses caused by platform reasons, you can contact customer service to register; we will verify your account activity one by one for analysis and determine compensation, which will take some time. However, losses caused by market fluctuations and unrealized profits are not covered by compensation."

He emphasized in apology: "The reason this platform is this platform is because we never evade problems. We accept the areas we have not done well in. We should serve as many users as we have, with no excuses or reasons. We will definitely take responsibility for our part."

However, this apology did not quell the community's anger; instead, it raised more questions due to the vague boundaries between "platform issues" and "market fluctuations." What category does the liquidation caused by the USDe depeg belong to?

· He Yi's second tweet

He Yi apologized in the second post trying to further clarify the compensation details: "Thank you very much for everyone's support, I reiterate the principle: the issues of the platform are the responsibility of the platform, friends who purchased depegged assets at a low price yesterday did so through staying up late to earn, we will not retrieve this part; users involved with the three types of depegged packaged assets are being gradually processed; for trading users who suffered losses or liquidations due to platform lag, we will handle them one by one."

He also apologized and admitted to customer service issues: "Some friends have been very enthusiastic in conveying information about platform loss compensation, resulting in a large influx of inquiries. We have activated a customer service team that is still in training and are using translation for cross-language customer service, which may easily lead to more backlog and problems."

This apology reveals another aspect of the USDe depeg incident: some users profited by buying assets at low prices during the USDe depeg period, and the platform promised not to reclaim these earnings. Although this decision was appreciated by some users, it also made the liquidated users feel even more unfair.

Why an Apology is Hard to Satisfy the Community's Anger: Analysis of Two Major Controversies

Although He Yi's apology was sincere, the community still has two core doubts about the trading platform, which is also the main reason for the continued fermentation of the USDe depeg incident.

Controversy Point One: Is the depeg of USDe a risk control issue or a market issue?

He repeatedly emphasized in the apology statement that "the platform is responsible for the issues, but does not compensate for market fluctuations." However, the community believes that the depeg of USDe itself is caused by the platform's insufficient risk control mechanism.

Community's doubts regarding the USDe depeg risk control issues:

Price index not adjusted in a timely manner: During the USDe depeg period, the platform used its own order book data as the oracle source, rather than referencing external deep liquidity pools.

Improper collateral settings: Allowing USDE, BNSOL, and WBETH as collateral, but failing to set appropriate risk parameters for these assets.

The liquidation mechanism is too aggressive: USDe depeg triggers large-scale automatic liquidations, further exacerbating the price fall.

Poor liquidity management: Market makers withdrew their investments during platform lag, leading to the depletion of order book liquidity.

Market analysts pointed out that if the platform can suspend the collateral function of related assets or adjust the liquidation parameters during the early stage of USDe depeg, the scale of liquidation may be significantly reduced. He Yi apologized and acknowledged the "platform lag" issue, but mentioned little about the flaws in the risk control mechanism, which is also the core of community dissatisfaction.

Point of Controversy Two: Customer Service's statement that "the value of alts is 0" ignited anger

One apology cannot quell the second controversy, which stemmed from the platform's customer service stating during communication with users that "the value of alts is originally 0." This statement attempted to explain why there would be no compensation for losses due to market fluctuations, but it immediately ignited the community's anger.

Three Major Doubts from the Community Regarding Customer Service Statements:

Lack of professionalism: If the value of the alts is 0, why does the platform allow it to be used as collateral? This exposes a contradiction in risk control logic.

Lack of empathy: Users suffered huge losses due to the depeg of USDe, but customer service responded with "value is 0", which is viewed as indifference.

Double standard questioning: Community members question, "Since the platform claims that the value of alts is 0, why are they still promoting Alpha coin? Why are they personally getting involved in boosting the popularity of related meme coins?"

He apologized for this explanation. The platform has enabled intern customer service, and the customer service is using translation tools, therefore there are communication issues. However, the community believes this is shirking responsibility, because "the value of alts is 0" is not a translation error, but reflects the platform's attitude towards user losses.

Depeg compensation execution challenges: Can an apology fulfill the promise?

He Yi apologized and promised compensation, but the execution of compensation for the USDe depeg incident faces multiple challenges, and the community has doubts about whether the platform can fulfill its promises.

Three Major Challenges in Executing USD Depeg Compensation:

Platform issues vs unclear market fluctuation definitions: While there is an apology emphasizing "individual account behavior verification," the criteria for judgment are not transparent, and users are concerned that the compensation scope may be reduced.

Insufficient customer service handling capacity: He apologized and admitted to using intern customer service and translation tools, and the influx of inquiries may lead to more communication issues.

Low-price buyers do not recover vs Liquidators not fully compensated: During the USDe depeg period, low-price buyers retain profits, but liquidators only receive partial compensation, raising questions about fairness.

Market observers pointed out that the statement of apology mentioned that "users of financial products involving three types of depegged packaged assets are being gradually processed," indicating that the compensation plan is still in the formulation stage. The USDe depeg incident has a wide-ranging impact, and the execution of compensation may take several weeks or even months.

Three Major Reforms Needed by the Platform After He Apologizes

Although He Yi's apology demonstrates a responsible attitude, the community generally believes that the platform needs to undergo systemic reform to avoid a recurrence of similar USDe depeg incidents.

Reform Direction Called for by the Community:

Oracle mechanism reform: Abandoning single order book price source, adopting multi-source oracle aggregation to avoid USDe depeg price anomalies.

Risk control parameter optimization: Reassess the risk parameters of all collateral and set stricter limits on illiquid assets.

Customer Service Training Upgrade: He acknowledged the customer service issue and apologized, but systematic training is needed rather than just relying on translation tools.

Cryptocurrency traders pointed out that while He has a good attitude towards the apology, the platform needs to prove itself through concrete actions. The execution speed and transparency of the USDe depeg compensation plan will determine whether the community truly accepts this apology from He.