Crypto Crash: Binance Flaw and $19B Loss
A $90M dump of USDe on Binance triggered a $19B global crypto crash.
Crypto traders saw prices plummet on October 11 in one of the year's most chaotic crashes, with billions vanishing in hours.
- $60-90 million worth of USDe, wBETH, and BNSOL was dumped on Binance.
- Attackers exploited a flaw in Binance's collateral system, using internal pricing to crash USDe's value.
It started with a single flaw in Binance's collateral system, timed perfectly with global market tension.
Author's summary: Binance flaw sparks $19B crypto crash.