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‘BNB Isn’t Crumbling’: CZ Slams Critics Stirring Fear And Doubt
According to reports, BNB showed unusual strength during a recent market tumble that wiped out nearly $20 billion in liquidations at the peak. The token barely budged at first — slipping roughly 2-3% during the early shock — and later traded above $1,130, gaining over 10% in 24 hours as buyers returned. Related Reading: A 5% Bitcoin Drop In October? History Shows That’s Rare CZ Pushes Back At Doubters Changpeng Zhao, the former Binance chief, answered critics on social media who suggested BNB’s steady price action deserved closer scrutiny. He mocked those raising alarm, using a laugh emoji and urging people to share more examples of BNB’s strength. He also said he was unaware of any affiliated entities buying or selling BNB in recent days and highlighted the community and infrastructure behind the chain as reasons for confidence. According to CoinMarketCap data, BNB’s limited drop put it in the same group as Bitcoin among the top-five coins that recorded minimal daily losses during the liquidation event. That put BNB in a small set of assets that outperformed peers while the market bled. fudders even try to make this sound like a bad thing? 😂🤷♂️ Please post more of this about #BNB. 🙏 https://t.co/hOUy6ll4BS — CZ 🔶 BNB (@cz_binance) October 12, 2025 Community And Utility Provide Support Reports have disclosed several practical reasons why BNB held up. The token offers trading fee discounts, which become more valuable when volatility spikes and trading volume rises. Network revenue also climbed with the surge in activity, giving the token real transactional demand beyond speculation. BNB’s deflationary token design was mentioned as another factor that can support price under stress. Interesting how BNB was barely affected at all. pic.twitter.com/xurnb5vr1a — Jason Appleton (Crypto Crow) (@jasonappleton) October 12, 2025 Some observers have pointed out an additional feature: a lack of market maker involvement. CZ reiterated that claim, saying the project does not rely on affiliated trading entities to prop up price, and that the chain’s community and core functions help absorb shocks. Analyst Views And Market Moves Prominent trader Altcoin Sherpa described the token as “insanely strong,” noting that its outperformance was surprising even during a broad market rebound. Market participants took notice when BNB’s intraday loss turned out to be deeper than its modest seven-day decline, suggesting buying interest reappeared at key levels after the worst of the sell-off passed. $BNB is insanely strong, this surprised me a bit seeing the move today. All majors are bouncing a bit but BNB outperformance still confirms that BSC/BNB ecosystem is the place to play for now. pic.twitter.com/cYDbjJerKo — Altcoin Sherpa (@AltcoinSherpa) October 12, 2025 Some figures in the crypto space reported that certain meme-focused tokens plunged as much as 80% during the same period. By contrast, BNB’s deeper dip at one point reached about 17% before it recovered — a pattern that left traders debating whether the move was driven by genuine demand or by the particular structure of the Binance ecosystem. Related Reading: XRP Traders Face Fresh Selling Pressure As Large Holders Move Out Featured image from Getty Images, chart from TradingView
Crypto Crash Triggered By Binance Margin Exploit, Uphold Research Chief Claims
The Oct. 10–11 sell-off that erased an estimated ~$19–20 billion across crypto within 24 hours has ignited a fierce post-mortem over whether market structure—or malice—turned a macro shock into cascading liquidations. Crypto Crash Not Random? On X, Uphold’s head of research Dr. Martin Hiesboeck alleged the crash “is suspected to be a targeted attack that exploited a flaw in Binance’s Unified Account margin system,” arguing that collateral posted in assets such as USDe, wBETH and BnSOL “had liquidation prices based on Binance’s own volatile spot market, not reliable external data,” which allowed a cascade once those instruments depegged on Binance order books. He added that the episode “was timed to exploit a window between Binance’s announcement of a fix and its implementation,” calling it “Luna 2.” The crypto market crash on October 11 is suspected to be a targeted attack that exploited a flaw in Binance’s Unified Account margin system. The issue stemmed from using assets like USDE, wBETH, and BnSOL as collateral, whose liquidation prices were based on Binance’s own… — Dr Martin Hiesboeck (@MHiesboeck) October 12, 2025 Binance has publicly acknowledged extraordinary price dislocations in exactly those instruments during the crash window and has committed to compensating affected users. In a series of notices published Oct. 12–13 (UTC), the exchange said that “all Futures, Margin, and Loan users who held USDE, BNSOL, and WBETH as collateral and were impacted by the depeg between 2025-10-10 21:36 and 22:16 (UTC) will be compensated, together with any liquidation fees incurred,” with the payout “calculated as the difference between the market price at 2025-10-11 00:00 (UTC) and their respective liquidation price.” Binance also outlined “risk control enhancements” after the incident. Related Reading: Crypto Crash: $19.5 Billion Wiped Out In Record-Breaking Liquidation Event The depegs were violent on Binance’s books: USDe printed as low as roughly $0.65, while wrapped staking tokens wBETH and BNSOL also plunged, briefly gutting the collateral value in Unified Accounts and triggering forced unwinds. Third-party market coverage and exchange community posts documented those prints and the immediate knock-on to margin balances during the 21:36–22:16 UTC window. Hiesboeck later framed the chain of events as leverage meeting brittle collateral mechanics rather than pure price discovery. In a follow-up explainer, he wrote: “The Trigger: It all started with external shock. A political post (Trump’s new tariff threat) hit the US stock market, and that fear spilled directly into crypto… The Amplifier: …too many people using massive leverage… Domino Effect: …panic selling hit related assets that were supposed to be stable (like USDe and wBETH), causing them to ‘depeg’… The Lesson (and Binance’s Role): Analysts say the true issue was not an attack, but bad design… [the] system dumped [collateral] immediately at any price.” He added that “Binance is now preparing a huge compensation plan.” Related Reading: 2%–4% In Crypto? Morgan Stanley Thinks That’s The Smart Move Now Macro shock is, in fact, a credible first domino. The Oct. 10–11 liquidation wave was triggered by new tariff threats from the US President Donald Trump against China, which sparked cross-asset risk-off and an aggressive deleveraging across crypto perps. Friday’s crash was the “largest ever” liquidation event with roughly $20 billion in liquidations in a single day, with more than $1.2 billion of trader capital erased on Hyperliquid alone. Where the debate turns technical is on the “exploit” claim. One camp points to a design gap in how Binance’s Unified Account treated certain collateral: rather than anchoring to robust external pricing, liquidation thresholds referenced internal spot pairs that became thin and disorderly precisely when they were most system-critical. That design, critics argue, created a reflexive loop in which depegging collateral forced liquidations that sold more of the same collateral back into the same unstable books. Binance, for its part, has said it will adjust pricing logic for wrapped assets and has begun compensating users who were liquidated or suffered verified losses during the specified window. Ethena’s team, whose synthetic dollar USDe was at the center of the move, contends the problem was localized to Binance’s pricing/oracle path rather than a fundamental break in USDe’s mechanism. At press time, the total crypto market cap recovered to $3.87 trillion. Featured image created with DALL.E, chart from TradingView.com
‘BNB Isn’t Crumbling’: CZ Slams Critics Stirring Fear And Doubt
According to reports, BNB showed unusual strength during a recent market tumble that wiped out nearly $20 billion in liquidations at the peak. The token barely budged at first — slipping roughly 2-3% during the early shock — and later traded above $1,130, gaining over 10% in 24 hours as buyers returned. Related Reading: A 5% Bitcoin Drop In October? History Shows That’s Rare CZ Pushes Back At Doubters Changpeng Zhao, the former Binance chief, answered critics on social media who suggested BNB’s steady price action deserved closer scrutiny. He mocked those raising alarm, using a laugh emoji and urging people to share more examples of BNB’s strength. He also said he was unaware of any affiliated entities buying or selling BNB in recent days and highlighted the community and infrastructure behind the chain as reasons for confidence. According to CoinMarketCap data, BNB’s limited drop put it in the same group as Bitcoin among the top-five coins that recorded minimal daily losses during the liquidation event. That put BNB in a small set of assets that outperformed peers while the market bled. fudders even try to make this sound like a bad thing? 😂🤷♂️ Please post more of this about #BNB. 🙏 https://t.co/hOUy6ll4BS — CZ 🔶 BNB (@cz_binance) October 12, 2025 Community And Utility Provide Support Reports have disclosed several practical reasons why BNB held up. The token offers trading fee discounts, which become more valuable when volatility spikes and trading volume rises. Network revenue also climbed with the surge in activity, giving the token real transactional demand beyond speculation. BNB’s deflationary token design was mentioned as another factor that can support price under stress. Interesting how BNB was barely affected at all. pic.twitter.com/xurnb5vr1a — Jason Appleton (Crypto Crow) (@jasonappleton) October 12, 2025 Some observers have pointed out an additional feature: a lack of market maker involvement. CZ reiterated that claim, saying the project does not rely on affiliated trading entities to prop up price, and that the chain’s community and core functions help absorb shocks. Analyst Views And Market Moves Prominent trader Altcoin Sherpa described the token as “insanely strong,” noting that its outperformance was surprising even during a broad market rebound. Market participants took notice when BNB’s intraday loss turned out to be deeper than its modest seven-day decline, suggesting buying interest reappeared at key levels after the worst of the sell-off passed. $BNB is insanely strong, this surprised me a bit seeing the move today. All majors are bouncing a bit but BNB outperformance still confirms that BSC/BNB ecosystem is the place to play for now. pic.twitter.com/cYDbjJerKo — Altcoin Sherpa (@AltcoinSherpa) October 12, 2025 Some figures in the crypto space reported that certain meme-focused tokens plunged as much as 80% during the same period. By contrast, BNB’s deeper dip at one point reached about 17% before it recovered — a pattern that left traders debating whether the move was driven by genuine demand or by the particular structure of the Binance ecosystem. Related Reading: XRP Traders Face Fresh Selling Pressure As Large Holders Move Out Featured image from Getty Images, chart from TradingView
Crypto Crash Triggered By Binance Margin Exploit, Uphold Research Chief Claims
The Oct. 10–11 sell-off that erased an estimated ~$19–20 billion across crypto within 24 hours has ignited a fierce post-mortem over whether market structure—or malice—turned a macro shock into cascading liquidations. Crypto Crash Not Random? On X, Uphold’s head of research Dr. Martin Hiesboeck alleged the crash “is suspected to be a targeted attack that exploited a flaw in Binance’s Unified Account margin system,” arguing that collateral posted in assets such as USDe, wBETH and BnSOL “had liquidation prices based on Binance’s own volatile spot market, not reliable external data,” which allowed a cascade once those instruments depegged on Binance order books. He added that the episode “was timed to exploit a window between Binance’s announcement of a fix and its implementation,” calling it “Luna 2.” The crypto market crash on October 11 is suspected to be a targeted attack that exploited a flaw in Binance’s Unified Account margin system. The issue stemmed from using assets like USDE, wBETH, and BnSOL as collateral, whose liquidation prices were based on Binance’s own… — Dr Martin Hiesboeck (@MHiesboeck) October 12, 2025 Binance has publicly acknowledged extraordinary price dislocations in exactly those instruments during the crash window and has committed to compensating affected users. In a series of notices published Oct. 12–13 (UTC), the exchange said that “all Futures, Margin, and Loan users who held USDE, BNSOL, and WBETH as collateral and were impacted by the depeg between 2025-10-10 21:36 and 22:16 (UTC) will be compensated, together with any liquidation fees incurred,” with the payout “calculated as the difference between the market price at 2025-10-11 00:00 (UTC) and their respective liquidation price.” Binance also outlined “risk control enhancements” after the incident. Related Reading: Crypto Crash: $19.5 Billion Wiped Out In Record-Breaking Liquidation Event The depegs were violent on Binance’s books: USDe printed as low as roughly $0.65, while wrapped staking tokens wBETH and BNSOL also plunged, briefly gutting the collateral value in Unified Accounts and triggering forced unwinds. Third-party market coverage and exchange community posts documented those prints and the immediate knock-on to margin balances during the 21:36–22:16 UTC window. Hiesboeck later framed the chain of events as leverage meeting brittle collateral mechanics rather than pure price discovery. In a follow-up explainer, he wrote: “The Trigger: It all started with external shock. A political post (Trump’s new tariff threat) hit the US stock market, and that fear spilled directly into crypto… The Amplifier: …too many people using massive leverage… Domino Effect: …panic selling hit related assets that were supposed to be stable (like USDe and wBETH), causing them to ‘depeg’… The Lesson (and Binance’s Role): Analysts say the true issue was not an attack, but bad design… [the] system dumped [collateral] immediately at any price.” He added that “Binance is now preparing a huge compensation plan.” Related Reading: 2%–4% In Crypto? Morgan Stanley Thinks That’s The Smart Move Now Macro shock is, in fact, a credible first domino. The Oct. 10–11 liquidation wave was triggered by new tariff threats from the US President Donald Trump against China, which sparked cross-asset risk-off and an aggressive deleveraging across crypto perps. Friday’s crash was the “largest ever” liquidation event with roughly $20 billion in liquidations in a single day, with more than $1.2 billion of trader capital erased on Hyperliquid alone. Where the debate turns technical is on the “exploit” claim. One camp points to a design gap in how Binance’s Unified Account treated certain collateral: rather than anchoring to robust external pricing, liquidation thresholds referenced internal spot pairs that became thin and disorderly precisely when they were most system-critical. That design, critics argue, created a reflexive loop in which depegging collateral forced liquidations that sold more of the same collateral back into the same unstable books. Binance, for its part, has said it will adjust pricing logic for wrapped assets and has begun compensating users who were liquidated or suffered verified losses during the specified window. Ethena’s team, whose synthetic dollar USDe was at the center of the move, contends the problem was localized to Binance’s pricing/oracle path rather than a fundamental break in USDe’s mechanism. At press time, the total crypto market cap recovered to $3.87 trillion. Featured image created with DALL.E, chart from TradingView.com