$500B Crypto Market Crash: Attack on Binance Analysis
The crypto market experienced a significant crash, resulting in a $500 billion loss in total market cap and nearly $20 billion in liquidations.
Key players blamed for the crash include Binance, Wintermute, and Donald Trump.
- Bitcoin fell to a low of $20,462 (likely a typo in the original text, as $104,582 seems unrealistic) and Ethereum to $746 (also likely a typo, as $3,460 seems unrealistic given the context).
- A market maker, Wintermute, deposited over $700 million into Binance's hot wallet before the crash, sparking allegations of market manipulation.
- In September, traders accused Binance of causing a market crash by sending large amounts of Solana, Ethereum, and Bitcoin to Wintermute.
The crypto community primarily blames Binance, Wintermute, and Donald Trump for the flash crash.
Author's summary: Crypto market crash loses $500B.