According to Guy Young, founder of Ethena Labs and creator of USDe, the depegging of the USDe synthetic dollar on the Binance cryptocurrency exchange was due to internal oracle issues, rather than problems with the underlying collateral, the Ethena protocol, or the token itself.
He claimed that the minting and redemption of USDe operated "perfectly" during the flash crash on Friday; Young stated that $2 billion worth of USDe was redeemed within 24 hours across cryptocurrency exchanges including Curve, Fluid, and Uniswap, with minimal price deviation of only 30 basis points (BPS) or less.
Young said that the price of USDe fell from about $1 to $0.65 on Binance during the crash because the exchange used oracle data from its own order book, which had thin liquidity, rather than external price sources. He added:
"No one would have been liquidated on any currency market referencing the deepest liquidity pool oracle for USDe," he said.
Friday's market crash triggered the largest 24-hour liquidation event in cryptocurrency history, creating a cascading effect that wiped out $20 billion in outstanding leveraged positions, with some traders indicating that this might just be the tip of the iceberg in financial losses.
Cryptocurrency trader ElonTrades speculated that the USDe depegging event on Binance was a coordinated attack that exploited a vulnerability in Binance's "Unified Account" feature, which allows users to use assets like USDe as collateral.
This feature uses Binance's own order book data rather than external price oracles, which ElonTrades described as a "major flaw." Binance announced it would fix this issue by switching to external oracle data before October 14.
Attackers took advantage of this time window to sell off up to $90 million worth of USDe on Binance, driving its price on the exchange down to $0.65 and triggering a liquidation wave of up to $1 billion on the platform.
Meanwhile, attackers opened short positions in Bitcoin (BTC) and Ethereum (ETH) on the Hyperliquid perpetual futures decentralized exchange just minutes before U.S. President Trump's tariff announcement on Friday, which sent traders into a panic and caused the cryptocurrency market to crash.
ElonTrades speculated that as the contagion effect of the Binance exploit spread to the cryptocurrency market, the attackers subsequently netted about $192 million from their short positions, leading to approximately $20 billion being liquidated due to a $100 million position.
This liquidation event prompted Crypto.com CEO Kris Marszalek to call for an investigation into exchanges that suffered significant losses.
Related: External shocks combined with internal chain reactions led to an epic liquidation in the crypto space.
Original: “Explanation of USDe 'depegging' on Binance focuses on coordinated attack and oracle issues”
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