Core Viewpoint - Binance Co-CEO Richard Teng defended the exchange against accusations of causing the "10/10" crypto crash, attributing the sell-off to macroeconomic and geopolitical factors rather than specific failures of Binance [1][2]. Group 1: Market Impact - The October 10 crash resulted in approximately $19 billion in liquidations across all exchanges, with the US equity market losing $1.5 trillion in value on the same day [3]. - The majority of liquidations in the crypto market (around 75%) occurred around 9:00 p.m. ET, coinciding with the release of significant macroeconomic news [3]. Group 2: Binance's Response - Teng acknowledged minor platform issues during the crash, such as a stablecoin depegging and temporary slowness in asset transfers, but emphasized these were not related to the overall market collapse [4]. - Binance supported affected users, including compensation for some, and reported no evidence of mass withdrawals from the platform during the crash [4]. Group 3: Trading Volume and Criticism - In the previous year, Binance facilitated $34 trillion in trading volume and served over 300 million users [5]. - The October 10 crash has led to ongoing criticism of Binance, particularly from rival exchange OKX and its CEO, Star Xu [5]. Group 4: Trader Reactions - Despite Teng's defense, traders on social media criticized Binance, alleging that the exchange manipulated conditions to force liquidations and deflected blame with the macroeconomic explanation [6]. Group 5: Geopolitical Factors - Recent geopolitical tensions, including fresh US tariff threats and China's rare-earth export controls, were cited as contributing factors to the market's risk sentiment shift [7].

We just witnessed one of the largest crypto crashes in a very long time. It in fact made October 10th look like a walk in the park. And this is a very significant moment um for every crypto holder or even investor to really lock in and pay attention to what's really going on here.So, let's first start off with some prices because, you know, just looking at the crypto market itself, Bitcoin under 80K, $76,000 to be exact. It did dip a little bit lower earlier. Um, we have Ethereum down to $2,200. We also hav ...