From Binance's perspective, they probably couldn't have handled it any better. If they admit that the main cause of the massive crash on 10/11 was Binance's trading system, the financial losses would be endless. The actual liquidation volume across the market is estimated to be around $40-50 billion. Considering that many people were using low leverage this time, the actual margin losses might be in the range of $10-20 billion. Even for Binance, that's not an amount they can easily cover. The most critical issue is the legal problems that follow. If regulatory agencies from various countries start investigating, Binance could truly be done for. If global regulators determine that this incident involved trading system anomalies or price manipulation, the subsequent legal liabilities would be unbearable. Once a formal investigation begins, the entire offshore exchange ecosystem could be affected. This also explains why, despite many peers and market makers suffering heavy losses in this incident, they chose collective silence—because any public accusations would be like shooting themselves in the foot. This is the most severe crisis Binance has faced since its inception, far surpassing the SEC's scrutiny, bypassing regulations to serve U.S. customers, or even "causing the largest liquidation in crypto history." Recently, CZ and He Yi have noticeably increased their communication frequency, frequently stepping out to reassure the market, maintaining high-frequency interactions with KOLs, and even unprecedentedly throwing money around to compensate affected users—all to seal the cracks in public opinion as quickly as possible. From this perspective, the recent uproar over the listing fee controversy has ironically become the perfect "distraction." For Binance, being accused of charging high listing fees may look bad, but that's just a PR risk; In comparison, if the market widely believes that the 10/11 crash was caused by Binance's system failure, that would be a disaster capable of destroying Binance.