Crypto Crash: Binance Flaw and $19B Loss
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 fast.
- Many blamed stablecoins for the crash.
- Others pointed at market panic as the cause.
However, new details reveal that the collapse was not random, but rather started with a single flaw in Binance's collateral system, timed perfectly with global market tension.
According to ElonTrades on X, the chain reaction began when roughly $60–90 million worth of USDe, wBETH, and BNSOL was dumped on Binance.
The platform's Unified Account feature, which valued assets using internal market data, created a blind spot that attackers exploited to crash USDe's value on Binance to around $0.65, while it remained stable elsewhere.
Author's summary: Binance flaw triggers $19B crypto crash.
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