Crypto Crash: Binance Flaw and $19B Global Market Collapse
A $90M dump of USDe on Binance triggered a $19B global crypto crash after traders exploited a pricing flaw.
Crypto traders witnessed prices nosedive on October 11 in one of the year's most chaotic crashes, with billions vanishing in hours and confusion spreading fast.
According to ElonTrades on X, the chain reaction began when roughly $60–90 million worth of USDe, wBETH, and BNSOL was dumped on Binance, exploiting a flaw in the platform's collateral system.
The flaw allowed attackers to crash USDe's value on Binance to around $0.65, while it stayed stable elsewhere, using the platform's internal pricing instead of external oracles.
It started with a single flaw in Binance's collateral system, timed perfectly with global market tension.
- $90M dump of USDe on Binance triggered the crash
- $19B global crypto crash occurred in hours
- Binance's collateral system flaw was exploited by traders
Author's summary: Binance flaw triggers $19B crypto crash.
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