Post
๐จ CZ Denies Role in October's $19B Crypto Crash
Binance founder Changpeng Zhao (CZ) has dismissed claims that Binance caused October's $19 billion crypto market crash, labeling them as "far-fetched."
In October, the crypto market experienced $19 billion in forced liquidations. Amidst allegations of Binance's involvement, CZ has strongly denied responsibility. He attributes the issues to price discrepancies during periods of high volatility, impacting assets like ADA.
Binance previously compensated affected users with approximately $600 million for various market events, including those involving SENT.
This incident highlights the inherent fragility of market infrastructure during stress events, affecting assets such as PAXG. It also casts a spotlight on exchange reliability and liquidation mechanics, underscoring how rapidly liquidity cascades can spiral in crypto.
Ultimately, CZ asserts that the October market downturn was a systemic liquidity event across the entire industry, not a failure isolated to one exchange. โ ๏ธ๐
#CZ #USPPIJump #FedHoldsRates
Binance founder Changpeng Zhao (CZ) has dismissed claims that Binance caused October's $19 billion crypto market crash, labeling them as "far-fetched."
In October, the crypto market experienced $19 billion in forced liquidations. Amidst allegations of Binance's involvement, CZ has strongly denied responsibility. He attributes the issues to price discrepancies during periods of high volatility, impacting assets like ADA.
Binance previously compensated affected users with approximately $600 million for various market events, including those involving SENT.
This incident highlights the inherent fragility of market infrastructure during stress events, affecting assets such as PAXG. It also casts a spotlight on exchange reliability and liquidation mechanics, underscoring how rapidly liquidity cascades can spiral in crypto.
Ultimately, CZ asserts that the October market downturn was a systemic liquidity event across the entire industry, not a failure isolated to one exchange. โ ๏ธ๐
#CZ #USPPIJump #FedHoldsRates
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