Richard Teng: The 1010 crash was a macro event, not caused by USDe depegging On February 12, Binance Co-CEO Richard Teng addressed the controversy surrounding the 'October 10 crash' at Consensus Hong Kong 2026, stating that the massive liquidation that day was primarily due to macro market events. The U.S. had announced a 100% tariff hike, which led to a $1.5 trillion drop in U.S. stock market value, while the crypto market liquidation was only $19 billion—not an issue specific to Binance. Regarding the isolated incidents of USDe depegging and delays in user asset transfers, Teng emphasized that these occurred after the majority of liquidations had already ended and were not the main cause of the crash. Nevertheless, Binance decided to take full responsibility and offer goodwill compensation. He pointed out that some users misunderstood and thought Binance would cover all liquidation losses, but 'traders must also bear market risks.' Source: Consensus Hong Kong 2026