FASLAN KING

$19 Billion Vanished in Hours – Was Binance Really Responsible?#

The October 10 crypto market crash, which wiped out nearly $19 billion–$28 billion in leveraged positions, sparked controversy among major industry leaders.

OKX CEO Star Xu blamed Binance, accusing it of encouraging risky leverage loops using $USDe, a synthetic stablecoin, without proper risk limits.

He claimed this led to extreme APYs, rising systemic risk, and massive liquidations when volatility hit and $USDe depegged.
Evgeny Gaevoy (Wintermute) strongly disagreed, saying the crash was a flash crash caused by macroeconomic news, high leverage, low liquidity, and not a Binance software glitch.

Binance denied all accusations, stating its systems worked properly and blaming macro shocks, market-maker risk controls, and Ethereum congestion.

Binance also paid $328 million in compensation to affected users.
Many analysts believe President Trump’s tariff announcement on China triggered panic selling, worsening the crash.

📌 Bottom line:

The crash was likely caused by macro events + excessive leverage, not a single exchange’s actions—but debate continues.#CryptoDrama
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