2025.10.11: This is an industry wide stress test! Firstly, don't be misled by those foreign marketing accounts. What happened on October 11th was not a "Binance incident," but the largest clearing event in the history of cryptocurrency. Macro trigger: Trump's tariff adjustment policy triggers global safe haven, causing BTC to instantly drop from $120000 to around $100000. Clearing data: The 24-hour clearing amount across the entire network exceeded $19 billion, involving 1.64 million traders. This scale is more than 10 times that of the FTX crash. Knocking on the Blackboard: On that day, not only Binance, but also OKX, Bybit, and even the "contract nouveau riche" Hyperliquid were all in mourning. Describing macro black swan as a system crash on a single platform is either due to a lack of understanding or a dark heart. What exactly happened to Binance? Someone is holding onto USDe, wBETH, and BNSOL as they fell 80% -90% on Binance. The fact is: it was a targeted liquidity attack against the unified margin system. During that hour, the market was in an extreme 'liquidity vacuum'. Market makers have temporarily withdrawn orders due to system delays and risk control, resulting in a lack of buying support for these assets in a short period of time, forming a 'ghost pin'. For example, ATOM instantly resets to zero and then pulls up on Binance. This is called 'liquidity depletion' in finance. If you only look at that one second K-line, it's really scary; But looking at the overall situation, this is an extreme situation that cannot be completely avoided by any exchange in the event of a chain of liquidation across the entire network and power outages for market makers. Why am I still using Binance? This is what I am most proud of as a partner. What does Binance do compared to platforms that not only do not compensate in extreme market conditions, but may also freeze user assets through "through position recovery"? Real gold and silver compensation: Binance did not find an excuse and directly announced a compensation of $283 million! This money is specifically used to compensate users who have been forcibly liquidated due to abnormal decoupling of assets such as USDe and wBETH. Abandoning the right of recourse: In traditional finance or certain platforms, if the market trend is too fast and your account becomes negative (short position), the platform will demand money from you. Binance has made it clear that it will not hold users accountable for losses incurred due to the platform's breach of position. Vulnerability patch: Less than 24 hours after the incident, Binance optimized the tagging price algorithm and introduced multi-source pricing to prevent being targeted again. FUD is easy, but taking responsibility is difficult Everyone should use their brains when eating melons on Twitter. If Binance wants to harvest, it doesn't need to pay nearly 300 million at all. It paid because it knew its "ecological responsibility" as the industry leader. The 10.11 incident was a brutal reshuffle that washed away the market's excessive leverage and tested who is the true safe haven to protect user assets. @heyibinance @cz_binance @binancezh @yayabinance @moonkimbinance BNB