Binance Releases '1011' Market Flash Crash Report, Acknowledges Two Technical Issues but Denies Them as Main Causes Binance has published a review report on the market flash crash that occurred on October 11, 2025. The report states that the primary drivers of the market turbulence on October 11 included macroeconomic shocks, market maker risk control mechanisms, and congestion on the Ethereum network. Issues specific to the platform were not the cause of the flash crash. In the report, Binance acknowledged two technical issues that occurred on the day: First, between 05:18–05:51 (UTC+8), during a period of concentrated market sell-offs, Binance's asset transfer subsystem experienced approximately 33 minutes of degraded performance. This affected some users' ability to transfer funds between spot, savings, and futures accounts. However, the matching, risk control, and clearing systems continued to operate normally. Some users saw their balances displayed as "0," which was a frontend rollback display issue and not an actual loss of assets. Second, between 05:36–06:15 (UTC+8), under conditions of reduced market order book depth, on-chain congestion, and slowed cross-platform rebalancing, the indices for USDe, WBETH, and BNSOL showed abnormal deviations. The report noted that during periods of thin liquidity and slowed cross-platform fund flows, price fluctuations within the platform had an overly high impact on index calculations. The main drivers of this event were market-wide risk aversion sentiment and a chain reaction triggered by liquidations, rather than anomalies specific to the platform. Throughout the entire process, Binance's core matching engine, risk verification, and clearing systems remained stable and uninterrupted.