X @Yuyue

Risk Control & Systemic Issues - Binance's internal risk control system has significant issues, particularly regarding the management of circulating loans for assets like USDe, WBETH, and BNSOL [1] - The de-pegging of WBETH and BNSOL, assets that should be redeemable 1:1, highlights flaws in Binance's risk management [1] - The market's reliance on Binance's pricing creates systemic risk, as other exchanges and market makers are overly confident in Binance's stability [1] - The lack of immediate action or a post-incident report by Binance following the liquidations is unreasonable [1] Binance's Responsibility & Accountability - Binance should be held accountable for the volatility caused by assets that rely on its reputation, such as WBETH and BNSOL [1] - The issues leading to the liquidations should have been addressed six months prior, suggesting a failure to learn from past events like the FDUSD incident [1] - The author questions whether temporary control or suspension of trading for abnormal assets could have mitigated losses during the liquidation event [1] Market Impact & Solutions - The market impact of Binance's issues is greater than historical de-pegging events like USDC during the Silicon Valley Bank collapse [1] - The industry needs better solutions to address the current situation, rather than engaging in meaningless emotional venting [2] - Individual users should learn from this event, improve their risk management, and protect their capital [2]