The Great Debate on the Reasons for the 1011 Market Collapse: Please See the Main Viewpoints of Both Debaters 》 Binance bears the main responsibility Cathie Wood (@ CathieDWood) XHunt ranked 188th It is evident that the recent pullback of Bitcoin is attributed to the $28 billion deleveraging event triggered by Binance's "software glitch" on October 10th, which resulted in significant losses. No specific repair methods or black box operations were mentioned, only emphasizing that this is a technical liquidity crisis. OKX CEO Star (@ star_okx) XHunt ranked 315 1011 should be attributed to Binance's irresponsible marketing activities, rather than unexpected factors. The USDe 12% APY campaign launched by Binance allows users to convert stablecoins into USDe embedded with high risk, and create artificially high returns (up to 24% -70%+) through circular lending without effective risk warnings, thereby accumulating global systemic risk. The impact of small markets has led to USDe de anchoring and chain clearing, causing serious losses. Solana Cofounder Toly (@ toll) XHunt ranked 14th Toly tweeted that Solana is reshaping its glory 18 months after the FTX incident, implying support for Star. According to @ xhunt.ai monitoring, shortly after the tweet was sent, @ czbinance disabled Toly. Binance does not assume primary responsibility Dragonfly Partner Haseeb Qureshi (@ hosseeb) XHunt Ranked 81st Refuting the theory of OKX CEO Star, clarify that USDe did not truly unanchor in the 1011 incident: the USDe price was only affected on Binance 30 minutes before the BTC bottom formed, and the unanchoring was limited to Binance (falling to $0.65) and did not spread in other places, which cannot explain the market wide clearing spiral. He emphasized that the incident was a complex combination of Trump's tariff threat causing Friday night selling pressure, Binance API interruption causing market makers to be unable to balance inventory, and clearing engine out of control. Essentially, it was a CeFi infrastructure defect (such as API failure amplifying liquefaction), rather than a failure of Ethena or DeFi protocols; There is no simple story to explain the flash crash, the market needs time to recover. Erbian Wintermute founder Evgeny Gaevoy (@ EvgenyKaevoy) XHunt 238 Refuting the claim of "software failure", it is pointed out that the 10/10 incident was clearly a "flash crash triggered by macro news (such as Trump's tariffs) in the highly leveraged market on Friday night with extremely poor liquidity", rather than a software failure; USDe detachment is a result rather than a cause, and it is difficult to classify as a software failure. He pointed out that blaming a single exchange is an "intellectually dishonest" behavior, believing that it masks the overall fragility of the market, including excessive leverage and liquidity issues. Michael Saylor (@ Saylor), founder of MicroStrategy, ranked 26th on XHunt Quoting a tweet from Binance's open letter that strengthens confidence in Bitcoin, expressing support for Binance converting approximately $1 billion of SAFU fund's stablecoin reserves into BTC. Without directly commenting on the cause of the event or deleveraging, this quote only reaffirms the core position and long-term value of Bitcoin in volatility.