Crypto Crash: $19B Loss Caused by Binance Flaw
A recent crypto crash resulted in a $19B global loss, triggered by a $90M dump of USDe on Binance, which exploited a pricing flaw in the platform's collateral system.
On October 11, crypto traders witnessed a chaotic crash, with billions of dollars vanishing in hours and confusion spreading rapidly. While some blamed stablecoins and others pointed to market panic, new details reveal that the collapse was not random.
It started with a single flaw in Binance’s collateral system, timed perfectly with global market tension.
According to ElonTrades on X, the chain reaction began when approximately $60–90 million worth of USDe, wBETH, and BNSOL was dumped on Binance. The platform's Unified Account feature, which valued these assets using internal market data, created a blind spot that attackers exploited to crash USDe's value on Binance to around $0.65, while it remained stable elsewhere.
- $90M dump of USDe on Binance triggered the crash
- Pricing flaw in Binance's collateral system was exploited
- Global crypto market lost $19B
Author's summary: Binance flaw triggered $19B crypto crash.