📰 Why Some Altcoins Crashed to Zero on Binance | Oct 10 Market Meltdown

đŸ’„ Key Highlights:

‱ Several altcoins like ATOM, IOTX, and ENJ briefly dropped to zero on Binance, even though they held value elsewhere.

‱ The crypto market lost ~$850B within hours — the worst crash since FTX.

‱ Bitcoin plunged 10–15% (from $124K → $105K), but altcoins were hit harder.

⚙ What Caused It:

‱ Nearly $20B in liquidations wiped out 1.6M+ traders.

‱ Heavy leverage trading on Binance triggered automatic sell-offs.

‱ Cross-margin liquidations flooded the market with forced sales.

‱ Binance’s system faced overload, leading to frozen accounts and missed stop-losses.

‱ Market makers pulled liquidity, leaving no buyers, so prices temporarily showed $0.

‱ Similar flash crashes have happened before — like Ethereum dropping to $0.10 on GDAX in 2017.

🙏 Binance Response:

‱ Yi He and CEO Richard Teng issued apologies for the disruption.

‱ Binance will compensate verified users affected by system issues, not market volatility.

⚠ Reminder:

Crypto trading involves high risk — always DYOR before investing.

#Binance #Altcoins #CryptoCrash #BTC #ATOM #ENJ #IOTX