In my opinion, even if market makers were short on margin at some point on October 11 and needed to sell off altcoins, they would not resort to such a nearly 'suicidal' method to save themselves.

Moreover, for something like Sui, which has a FDV of hundreds of billions, the phenomenon of a 90% drop in just a few minutes, causing a targeted explosion for all users with more than 1x leverage, is not an isolated case; almost all mainstream altcoins experienced short-term declines of 50-90%.

And these tokens' market makers cannot all be the same entity. You could say that some market makers are aggressive and under-margined; or that some market makers used USDE as collateral, but it is impossible for all the large and small market makers in this industry to collectively withdraw liquidity at that moment in the East Eight District morning, without any significant negative news, through cost-ignoring sell-offs to save themselves from liquidation.

The angle of market makers doing harm also doesn't make sense; it is unlikely that all altcoins, whether institutional or individual market makers, would simultaneously collaborate to withdraw liquidity to harvest retail investors.

The only clear point is that all of this happened on Binance, where the centralized black box easily conceals all real data and specific processes. This also led to extreme exaggerated widespread liquidations on other CEXs and Perp DEXs (including Hyperliquid) that use Binance prices as the main index price weight.

Whether Binance acted maliciously or not, this wave of historically 'extreme harvesting' can likely be attributed to unclear internal reasons within Binance.

Another good piece of evidence is that CEXs like Coinbase, OKX, and Bybit, which have decent trading volumes and liquidity, show much more normal price fluctuations because they do not overly rely on Binance prices as contract index prices. If it were truly due to external negative events causing 'normal market behavior', logically, Binance would benefit from better depth, resulting in smaller price fluctuations and 'price spikes', but the reality is quite the opposite.

There are no vested interests involved; I just see more and more people standing up to seek the truth and want to say something.

"The largest exchange in the universe" should provide an explanation and give the industry the truth. @binance

Binance #CryptoCrash

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