币安发布“1010历史级别清仓”详细报告，赵长鹏否认从崩盘获利，徐明星“就是币安不负责任导致的”

Core Viewpoint - Binance attributes the record $19 billion liquidation event on October 10 to a combination of macroeconomic risks, high leverage, and liquidity exhaustion, denying that core system failures were the main cause, although this explanation has not quelled industry concerns regarding its marketing strategies and market influence [1][4]. Group 1: Market Dynamics - On October 10, global markets were under pressure due to tariff-related news, leading to over $100 billion in unliquidated Bitcoin derivatives and a rapidly shrinking order book, which together triggered a chain liquidation [2][3]. - The sell-off was self-reinforcing, as market makers initiated automatic risk controls and reduced exposure, causing liquidity to vanish from the order book, with Kaiko data indicating that buy depth nearly disappeared during peak volatility [2]. - The turmoil extended beyond the cryptocurrency market, with the U.S. stock market losing approximately $1.5 trillion that day, marking the largest single-day drop for the S&P 500 and Nasdaq indices in six months [2]. Group 2: Platform Issues and Compensation - Binance acknowledged two specific platform incidents during the crash but asserted that these did not cause broader market volatility. The first incident involved a slowdown in internal asset transfer systems, affecting transfers between spot, wealth management, and futures accounts, which was attributed to database performance issues under increased traffic [3]. - The second incident involved temporary index deviations for USDe, WBETH, and BNSOL, occurring after most liquidations had already taken place, which Binance claims was due to thin liquidity and delays in cross-exchange rebalancing [3]. - Binance has compensated users over $328 million and initiated additional support plans to stabilize affected participants, with total compensation reaching approximately $600 million post-crash [3]. Group 3: Leadership Statements - Binance co-founder Zhao Changpeng denied that the platform was a key driver of the liquidation wave, labeling ongoing accusations as "far-fetched" and confirming that users affected by platform issues had been compensated [4][5]. - Zhao Changpeng, who resigned as CEO in November 2023, acknowledged failures in maintaining effective anti-money laundering protocols, with Binance Holdings agreeing to hire an independent compliance overseer [5]. - OKX CEO Xu Mingxing criticized Binance's "irresponsible marketing activities" for triggering the crash, particularly pointing to the promotion of high-yield products linked to the USDe stablecoin, which he claimed led to a "leverage cycle" that exacerbated the market's vulnerability [6].