Crypto Crash: Binance Flaw and $19B Global Collapse
A $90M dump of USDe on Binance triggered a $19B global crypto crash after traders exploited a pricing flaw.
Crypto traders witnessed prices nosedive on October 11 in one of the year's most chaotic crashes, with billions vanishing in hours and confusion spreading fast.
Initial blame was placed on stablecoins and market panic, but new details reveal that the collapse was not random.
- A single flaw in Binance's collateral system, combined with global market tension, set off the chain reaction.
- Roughly $60-90 million worth of USDe, wBETH, and BNSOL was dumped on Binance, exploiting the platform's internal pricing system.
Attackers used the gap to crash USDe's value on Binance to around $0.65, while it stayed stable elsewhere.
Author's summary: Binance flaw sparks $19B crypto crash.
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