Crypto Crash: Binance Flaw and $19B Global Market Collapse
A recent crypto crash resulted in a $19B global market collapse, triggered by a $90M dump of USDe on Binance.
Crypto traders witnessed prices plummet on October 11, with billions vanishing in hours and confusion spreading rapidly.
- Many attributed the crash to stablecoins, while others blamed market panic.
- However, new details reveal that the collapse was not random, but rather started with a flaw in Binance's collateral system.
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.
Author's summary: Binance flaw triggered $19B crypto crash.