BINANCE Leveraged Tokens SCAM? GIVE ANSWERS!

Due to Binance serious technical mistake on 19th of May 2021 I have lost $70k+, but can't get Binance to respond for over 4 days. Binance admitted that it is THEIR mistake on few reddit posts, but there is no official announcement from them. Those who were lucky to receive an answer from them are offered 3 times less USDT vouchers, than was initially lost.

This post is my story. Please upvote it, share it and participate in case you are affected.
Please help me to make Binance answer.

Information about BLVT - https://academy.binance.com/en/articles/a-beginners-guide-to-binance-leveraged-tokens-blvt

Binance leveraged tokens are not the same as the leverage. Binance advertise them as a token without liquidation, but at the same time they dropped up to 99% which technically means the liquidation in this case (false advertising).

tldr; In the evening of 18th of May bought Binance Leveraged Tokens (TRXUP, XLMUP, 1INCHUP, XRPUP) for around $110k and total value of all of them is now less than $15k. This is despite Binance’s claims that BLVTs maintain a target leverage in the 1.25-4x range, the real leverage at times of rebalancing exceeded 20x (up to 220x) during the overall crypto fall on 19th of May.

This caused a loss of $70k+. While almost all BLVT tokens were -95-99% Binance froze them for maintenance for 5 hours meaning rate of those tokens remained the same even when the market went up. The rates of BLVT tokens are still not fixed.

I've written to every single channel Binance has yet haven't received a response for over 4 days.
My trading volume for last 30 days is around 100BTC (had VIP1 status before selling my BNBs before the 18th of May).

Looking for

1. reply from Binance with an official statement (stop ignoring me)
2. 100% compensation of all lost funds (I am losing even more every day because I can not close positions, as it is the only proof to get compensated).
3. other traders who lost their funds due to Binance technical mistake. Attach your story with screenshots in this post. Together we are strong.
4. attorneys who are interested in this lawsuit. We need your legal assistance. Binance is obviously is wrong in this case. As minimum of false advertising.

Please contact me or join Binance Lawsuit reddit.com/r/binance_lawsuit

Here is the letter describing the problem in details which has been ignored by Binance for over 4 days:

----------

To the persons responsible for Binance Leveraged Tokens, customer support and the finance department,

I am writing about a serious issue with the rebalancing mechanism inherent in Binance Leveraged Tokens (BLVTs). Despite Binance’s claims that BLVTs maintain a target leverage in the 1.25-4x range, the real leverage at times of rebalancing exceeded 20x in the following tokens:

• TRXUP
• XLMUP
• 1INCHUP
• XRPUP (not 20x but still not correct calculation)

Furthermore, real leverage was also below target on numerous occasions for all these tokens. I have attached screenshots of the Rebalancing History pages for the respective tokens to confirm this:

• https://imgur.com/TehwU39
• https://imgur.com/5nI2ZVt
• https://imgur.com/RZK1OTi
• https://imgur.com/SXr2IkE
• https://imgur.com/qfQCWbj
• https://imgur.com/9jKL9SZ
• https://imgur.com/a1M2H0d
• https://imgur.com/qGqRwsr
• https://imgur.com/aWzQxLt
• https://imgur.com/yN1CbhD
  

Said flaw in the rebalancing mechanism has caused a $70k loss across 4 of my positions (TRXUP, XLMUP, INCHUP, XRPUP), stemming from the heightened leverage during a downward price action in the underlying assets and the watered-down leverage during an upswing in their price. The positions of many others were similarly affected – these users have expressed their concerns and disgust in the following social media posts:

• https://www.reddit.com/r/binance/comments/nilyem/binance_leveraged_tokens_advisory_notice_may_22/
• https://www.reddit.com/r/binance/comments/ng8peq/ethdown_class_action_lawsuit_binance/
• https://www.reddit.com/r/binance/comments/ngfrul/binance_leveraged_tokens_are_literally_a_scam/
• https://www.reddit.com/r/binance/comments/ng8urz/spoke_with_a_lawyer_about_binances_issues_that/
• https://www.reddit.com/r/binance/comments/ng770i/to_anyone_freaking_out_about_leveraged_tokens_im/
• https://www.reddit.com/r/binance/comments/ngh5k1/how_is_this_possible_eth_updown_all_red/
• https://www.reddit.com/r/binance/comments/ngf655/lost_175000_because_of_this_shit_what_should_i_do/
• https://www.reddit.com/r/binance/comments/nge537/adadown_is_down_78_i_bought_before_the_crash_look/
• https://www.reddit.com/r/binance/comments/ngak2a/binance_leveraged_tokens_are_not_what_they_appear/

To make matters worse, I received a suspension notice in response to my Binance Support ticket where I have attempted to address the issue with BLVTs. The suspension is based on the claim that I have accessed Binance from a restricted country, which Estonia is not. As a result, I supposedly have less than 48 hours to close my positions and move the assets out of Binance to avoid losing access to them forever. I believe this is completely unjustified and unfair and resembles an attempt to force me to close my positions before erasing any evidence there is about the trades.

In light of the above, I demand that Binance:

1. Terminate the suspension notice and cease the process of offboarding my account,

2. Issue me a refund of the difference between the value that my positions in 1INCHUP, XLMUP, TRXUP should be (based on the correctly functioning rebalancing mechanism) and their current value

3. Fix the rebalancing mechanism for the 1INCHUP, XLMUP, TRXUP and other BLVTs that have been correctly identified by the public as to be working incorrectly.

I am willing to settle this issue amicably, but I am ready to go to court and join a class lawsuit if needed. I have been a very active customer on Binance with over 100 BTC in trading volume in the past month, and believe that I have been seriously wronged in these instances. I am looking forward to you addressing this matter asap.

My user id is 13796605, my Binance Case IDs are #72639282 and #72719777.

I have also submitted compensation claim with Appeal ID: ***********65576198

Looking forward to the response from Binance.

----------

Binance, you are the biggest crypto exchange on the market and we expect appropriate actions.

Word of mouth is a strong power, it will destroy your company image, and I will make everything to speed up the process of spreading the information.

Those of us who have been affected will not let this situation just simply vanish.

----------

Binance Community Moderators are recommended to not remove this post. The removal of this post may be a form of client deterrence (preventing clients from receiving their appropriate entitlement and disadvantaging the client from their benefit).