Crypto Crash: Binance Flaw and $19B Loss
A $90M dump of USDe on Binance triggered a $19B global crypto crash.
Traders exploited a pricing flaw, causing prices to nosedive on October 11.
- $60-90 million worth of USDe, wBETH, and BNSOL was dumped on Binance.
- The platform's Unified Account feature valued assets using internal market data.
- This created a blind spot, allowing attackers to crash USDe's value to $0.65 on Binance.
According to ElonTrades on X, the chain reaction began with a dump of USDe, wBETH, and BNSOL on Binance.
Author's summary: Binance flaw sparks $19B crypto crash.