-
Analyst reveals shocking details behind crypto crash
A crypto analyst, who posts on the X handle @MerlijnTrader, accused the world’s largest crypto exchange by trading volume, Binance, of engineering the shocking crypto market crash on Oct. 10.
The market maker Wintermute transferred $700 million, mostly in Bitcoin, to Binance before the dump and next, liquidation velocity hit max speed at the price point of $108,000, claimed @MerlijnTrader.
Buttons froze and stop orders failed on Binance but liquidations got executed perfectly, they further claimed.
As reported earlier, Binance acknowledged severe strain on its platform and said some users may experience "intermittent delays or display issues." However, the services got restored in a few hours, it shared.
It all began after U.S. President Donald Trump threatened to impose a 100% tariff on China. His social media post led to a crypto market rout in which more than $19 billion in leveraged positions got wiped out in a day.
But @MerlijnTrader claims it wasn't about Trump or tariffs. Instead, it was about control.
Those still there have survived what institutions call "a controlled reset," he added.
Binance and Hyperliquid founders clash
Jeffrey Yan, the co-founder of the decentralized crypto exchange Hyperliquid, said the platform's fully onchain liquidations can't be compared with underreported liquidations by centralized exchanges.
Yan mentioned Binance, in particular, in his post, saying even if there are thousands of liquidation orders in the same second, Binance reports only one. He warned it could easily be 100 times underreporting under some conditions.
In response, Binance founder Changpeng Zhao "CZ" reposted a post that showed that only 60% of long positions got liquidated on Binance as compared to 90% on Hyperliquid.
CZ reposted another post about a crypto whale reportedly shorting Bitcoin before the crash on the Hyperliquid platform. "Not sure of validity. Hope someone can cross check," wrote CZ.
The Binance founder also highlighted how the key BNB ecosystem players will pay hundreds of millions out of their own pockets to "PROTECT USERS." Different value systems make BNB strong, he added.
Notably, BNB, the fourth-largest cryptocurrency by market cap, hit a new all-time high (ATH) of $1,370.55 on Oct. 13.
CZ also boasted of BNB finding a home in another digital asset treasury company. As per a Bloomberg report, a Beijing-based investment bank called China Renaissance and CZ's family office, YZi Labs, are in talks to create a BNB treasury.
The total crypto market stood at $3.95 trillion at the time of writing, with Bitcoin trading at $115,783.99 as per Kraken.
This article has been published in thestreet.com via Yahoo News.
Analyst reveals shocking details behind crypto crash
A crypto analyst, who posts on the X handle @MerlijnTrader, accused the world’s largest crypto exchange by trading volume, Binance, of engineering the shocking crypto market crash on Oct. 10. "Binance didn’t just witness the crash, they engineered it." The market maker Wintermute ...
finance.yahoo.com
