[Benson: The Core Issue of the 1011 Crash Was Not USDe, but Abnormal Price Spreads on Binance] BlockBeats News, January 31 — Benson Sun, former FTX community partner, stated that while Binance indeed bears some responsibility for the 1011 crash, the core issue was not USDe, as the timeline does not align. The market crash hit its lowest point at 5:20, while USDe reached its lowest point of $0.65 at 5:54. The extreme depegging occurred 30 minutes after the market began to rebound, indicating that USDe's extreme depegging was a secondary disaster rather than the trigger for the crash. Benson explained that based on historical analysis of extreme market conditions over the past six years, the price spreads between Binance and other trading platforms during extreme events have almost always been within 5%. However, on 1011, more than half of the tokens had their prices on Binance as the lowest across all platforms, with many deviations exceeding 50% or even 100%. Such a scale of price misalignment has never occurred in any previous black swan event. Furthermore, the price of the USDT trading pair for the same token was significantly lower than the USD trading pair at the time. This suggests that Binance's system likely encountered issues. If the root cause were elsewhere, Binance, as the platform with the best liquidity, should not have had the lowest prices. Additionally, the withdrawal of liquidity by market makers was not the primary reason. OKX Star's public opinion sparked discussion, which is a positive development, but the focus may have been misplaced.