On the dreadful day of October 10, as if Fate herself had mischievously decided, the announcement of a 100% tariff on Chinese imports by the formidable President Trump sent global markets tumbling into a pit of panic and despair-digital assets and equities alike quivering under invisible hands.
In the blink of an eye, a cascade of forced liquidations obliterated nearly $20 billion from the wallets of unsuspecting crypto traders, who, like Hamlet’s poor courtiers, were left aghast and bewildered.
System Glitch or Sinister Plot? 🤔
The chaos spread as quickly as gossip through the salons of old Russia, reaching major exchanges like Binance. Traders lamented frozen dashboards, failed stop-losses, and flash crashes that seemed to mock their very existence by sending tokens hurtling toward the abyss.
Frustration bloomed in the hearts of the trading masses. Were these mere technical hiccups, or a more insidious manipulation by unseen forces, laughing at mortals from their gilded towers?
In his earnest manner, Crypto.com CEO Kris Marszalek called for an impartial review of the exchanges most afflicted, insisting that billions of users’ funds had disappeared overnight and that regulators must intervene to shield the innocent.
Regulators should look into the exchanges that had most liquidations in the last 24h and conduct a thorough review of fairness of practices. Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?…
– Kris | Crypto.com (@kris) October 11, 2025
Meanwhile, OKX’s Star Xu, with the subtle sarcasm of one who has seen many a market folly, hinted at Binance as the culprit. According to him, when an exchange struts upon the field, inflating token prices and exploiting user sentiment, it is not trust that prospers, but rather the seeds of its own ruin.
Xu’s musings recalled past tragedies, especially the collapse of FTX in 2022, when accusations and hurried withdrawals created a spectacle almost worthy of Dostoevsky’s pen.
“‘Fired the shot’ that took down FTX may have succeeded in eliminating a competitor, but what followed wasn’t an expansion of their own market share – it was a systemic collapse of the entire industry, and a series of even more dramatic ‘lives.’ In that chain reaction, there were no real winners,” Xu said.
Was Binance the Bullseye of Fortune’s Whim?
Meanwhile, crypto luminaries such as Wu Blockchain suggested the crash might owe its origin to frailties in Binance’s Unified Account system-a platform permitting users to leverage disparate assets as collateral, which, when faltering, set off a mechanical chain of doom.
As USDE fell to $0.65, wBETH to $0.20, and BnSOL to $0.13, traders, however wise they fancied themselves, found their positions obliterated. Algorithmic bots, merciless as winter frost, hastened the descent, spreading panic like wildfire.
This debacle reignited age-old doubts about exchange transparency and liquidity, particularly in moments when the market’s caprice was most palpable.
“Another piece of evidence suggesting the attack was premeditated is the timing-it occurred precisely between Binance’s announcement of an oracle price adjustment and the actual implementation. The announcement was made on October 6, with the change scheduled for October 14, providing attackers with a clear window of opportunity,” Wu Blockchain reported.
BeInCrypto chronicled hundreds of anguished tweets from users unable to trade, withdraw funds, or even employ stop-losses during the maelstrom.
Hundreds of Binance users say they missed trades or couldn’t withdraw funds during yesterday’s crypto crash.
A flood of posts now accuse @binance of market manipulation and system freezes.
Outages during critical market moments only deepen distrust in centralized exchanges.…
– BeInCrypto (@beincrypto) October 11, 2025
In response, Binance issued apologies, promising compensation to those most afflicted, though Yi He, co-founder, carefully delineated between technical losses and the whims of market forces.
“The reason Binance is Binance is that we never shy away from problems. When we fall short, we take responsibility-there are no excuses or justifications. We are committed to serving every user to the best of our ability, and we will manage what we are responsible for,” she added. 😅
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2025-10-12 14:48