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.
Attackers used the gap to crash USDe's value on Binance to around $0.65.
Author's summary: Binance flaw sparks $19B crypto crash.
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