Binance User Reports $5 Million Liquidation in AKE Contract, Alleges Market Manipulation

A Binance user reported losing over 5 million USDT after their arbitrage positions in the AKE USDT perpetual contract were liquidated. The user alleges market manipulation, noting that the token price surged approximately 600% from 0.0076 USDT to 0.044859 USDT within eight hours, with a sharp doubling in the final seven minutes. The user has called for an investigation and compensation from Binance, comparing the incident to abnormal price action seen in the TUT contract on August 9. Binance has not yet issued a public response.