What Really Caused the $19B Crypto Crash
A $90M dump of USDe on Binance triggered a $19B global crypto crash after traders exploited a pricing flaw.
Crypto traders watched prices nosedive on October 11 in one of the year’s most chaotic crashes. Billions vanished in hours, and confusion spread fast.
According to ElonTrades on X, the chain reaction began when roughly $60–90 million worth of USDe, wBETH, and BNSOL was dumped on Binance.
- Those assets were allowed as collateral in the platform’s Unified Account feature.
- The feature valued them using its own market data instead of external oracles.
That internal pricing created a blind spot large enough to exploit.
Attackers used the gap to crash USDe’s value on Binance to around $0.65, while it stayed stable elsewhere.
Author summary: Binance flaw sparked $19B crypto crash.