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 the dump of USDe, wBETH, and BNSOL on Binance.
The incident highlights the importance of robust collateral systems and market data oracles.
Author's summary: Binance flaw triggers $19B crypto crash.