⚠️ Binance Admits System Failure — But Words Aren’t Enough!

⚠️ Binance Admits System Failure — However Phrases Aren’t Enough

Through the October 11 crypto crash, Binance formally admitted to system instability, feed errors, and malfunction in its Cross Margin liquidation engine. These glitches triggered a sequence response of pressured liquidations across a number of belongings — including wBETH, BNSOL, and Ethena’s USDe — causing sharp, short-term worth collapses.

???? What Binance Has Admitted • Binance confirmed “some platform modules briefly skilled technical glitches during excessive market circumstances.” • The Cross Margin system liquidated customers abnormally as a result of incorrect worth feed propagation. • Binance launched an “distinctive compensation” assessment and reportedly distributed over $283 million to affected users. • They promised danger management enhancements and future audits of liquidation methods.

???? Sources: • Binance Official Statement • CoinDesk – Binance to Compensate Users • The Block – $283M Compensation Confirmed

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???? The Core Difficulty

Binance controls over 50% of worldwide crypto trading volume, and its worth feeds and margin methods closely influence market-wide costs. When Binance’s Cross Margin or liquidation techniques fail, the impression spreads instantly throughout different exchanges and DeFi protocols using its knowledge.

This isn’t a one-off — Binance also issued compensations in 2021 and 2022 for liquidation glitches and outages.

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⚖️ The Name for Action

Binance’s partial refunds usually are not sufficient. The group needs: 1. A public technical audit of Binance’s liquidation and cross-margin techniques. 2. Transparency on how feed errors brought about cascading liquidations. 3. A dedication to structural reform — not just injury control.

As somebody who has formally filed a grievance to Binance, I consider it’s time for accountability, not PR. Binance’s dominance means its mistakes ripple by means of your complete crypto ecosystem — and that danger can’t go unchecked.

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???? What do you assume? Ought to this be investigated independently — or can we nonetheless belief Binance’s inner “

Your remark and strategies are welcome!