So, picture this: three digital tokens decide to take a nosedive faster than Larry at a vegan buffet. 🥗💨 Boom! Massive liquidations across Binance. What a time to be alive, right? 🤦♂️
This all went down during crypto’s version of the Titanic hitting the iceberg. 🏔️🚢 Nearly 1.7 million traders got liquidated in 24 hours, wiping out $19.3 billion. Binance? Oh, they just lost $1.4 billion in long positions and $981 million in shorts. Casual Friday, am I right? 😬
What the Heck Caused This Mess? 🧐
Three tokens had a worse Friday night than I did at my high school reunion. USDe, the stablecoin that’s supposed to stay at $1, dropped to $0.66. BNSOL crashed to $34.90, and WBETH hit $430.65. All between 21:36 and 22:16 UTC on October 10. Thanks, Trump tariffs! 🥊🇨🇳
Crypto lost $200 billion in value faster than I lose interest in a conversation about NFTs. Bitcoin went from $122k to below $110k. Ethereum, XRP-you name it, it tanked. 🌊💸
Binance’s “Oops, Our Bad” Moment 🙇♂️
Yi He, Binance’s co-founder, apologized faster than I apologize for burning the toast. 🍞🔥 “Extreme volatility + too many users = our systems went 😵💫,” she explained. Richard Teng, the CEO, chimed in with a “We’ll do better” promise. Sure, sure. 🙄
“Lost money? Hit us up!” He tweeted. Teng added, “No excuses, just lessons.” Sounds like something I’d say after forgetting my anniversary. 🎁🤦♂️
Who Gets the Crypto Band-Aid? 🩹
Binance’s compensation plan: If you held USDe, BNSOL, or WBETH during the 40-minute depegging window, you’re getting paid. Automatically. 🎉 But if you just lost money because the market’s a rollercoaster? Sorry, buddy. No soup for you! 🍲🚫
Oh, and if you bought those depegged tokens at bargain prices? Keep ‘em! “You stayed up late, you earned it,” He said. Night owls win this round. 🦉🏆
New Safety Measures: Because Hindsight’s 20/20 👓
Binance’s plan: Add redemption prices to index weights, set a minimum price for USDe, and review risk controls more often. Basically, they’re putting training wheels on the crypto bike. 🚲👶
BNB dropped 9.6% during the chaos. Ouch. But hey, it’s still the third-largest crypto. For now. 🥉💨
Industry Reactions: The Peanut Gallery Weighs In 🍿
Crypto.com’s CEO wants regulators to step in. “$20B in liquidations? Someone call the crypto cops!” 🚔 Kris Marszalek said. Analysts think it might’ve been a targeted exploit. Binance’s unified account system? More like a domino effect waiting to happen. 🥌💥
Ethena’s team defended USDe: “It’s not us, it’s the market!” Sure, blame the market. Classic. 🤷♂️
The Path Forward: Will Binance Learn Its Lesson? 📚
Leveraged trading + extreme volatility = disaster. Binance’s quick response might save face, but $20B in liquidations? That’s a lot of trust to rebuild. 🏗️💔 Their new measures sound great, but let’s see how they hold up next time the market goes bonkers. 🌪️🤞
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2025-10-12 03:28