Binance users band together to recoup losses after app froze during crash - WSJ

Hundreds of cryptocurrency traders who had lost money when the Binance app and website froze during the crypto crash of May 19 are coordinating in an effort to get their money back from the world's biggest cryptocurrency exchange, the Wall Street Journal reports.While they might have had the law on their side had the trading taken place on more traditional investment platforms, Binance is largely unregulated and has no headquarters, complicating the issue of which regulatory authority the traders can turn to.The examples of losses that the WSJ reports involved leveraged futures trades. When an investor leverages a trade, the payoff is multiplied, but on the downside, the loss also multiplies. With crypto prices diving on May 19, the Binance app froze for more than an hour and traders said they weren't able to reduce or get out of their positions as their bets started to sour.And with traders not