Crypto Crash: Binance Flaw and $19B Global Consequences
A $90M dump of USDe on Binance triggered a $19B global crypto crash after traders exploited a pricing flaw.
Crypto traders witnessed prices plummet on October 11 in one of the year's most chaotic crashes, with billions vanishing in hours and confusion spreading rapidly.
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, sparked the chain reaction.
- Roughly $60-90 million worth of USDe, wBETH, and BNSOL was dumped on Binance, exploiting the platform's Unified Account feature.
- The feature valued assets using internal market data, creating a blind spot that attackers used to crash USDe's value on Binance to around $0.65.
According to ElonTrades on X, the chain reaction began when roughly $60-90 million worth of USDe, wBETH, and BNSOL was dumped on Binance.
Author's summary: Binance flaw sparks $19B crypto crash.
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