Commemoration of 10-11: Zhao Changpeng The largest black swan in the history of the cryptocurrency circle created by the He couple On the early morning of October 11th last year, the cryptocurrency circle was directly rubbed against the ground. More than 19 billion US dollars were sold out across the entire network, with over 1.6 million people losing their positions to zero. Bitcoin plummeted sharply in a single day, and counterfeit stocks even went straight to zero. This is not an ordinary correction, but a catastrophic disaster that wiped out countless people's savings, leveraged principal, and even loans overnight. The trigger was indeed Trump's wave of tariffs, which caused a macro explosion, high leverage, and market makers withdrawing liquidity, and the market collapsed. But what truly made this collapse the largest in history and caused the most tragic deaths for Binance users was the couple Zhao Changpeng and He Yi who turned Binance into a flawed slaughterhouse. The USDE on Binance dropped directly to 0.65, while other platforms remained above 0.9. WBETH plummeted to $430, a drop of nearly 90%, and BNSOL also plummeted. Only Binance has accurately unanchored, while other exchanges have hardly done so. Coincidentally, on October 6th, Binance announced that it would change the pricing mechanism of WBETH and BNSOL, which was originally scheduled to take effect on the 14th. However, the crash happened to be stuck in the loophole window after the announcement and before the new mechanism came into effect. This is not a coincidence, it is a door opened for those with intentions. Their unified account and collateral pricing are based on their own positions, rather than reliable external oracle machines. With just one hit, there will be a chain of liquidation, a liquidity vacuum, market makers running away, and individual investors not even having the opportunity to replenish margin. After the event, He Yi came forward to explain: marking the price, the team's mind was hot, there was no motivation to change the K-line, and he also said that those who suffered losses due to platform issues could register for compensation. Later on, I lost about 283 million US dollars, which sounds like a lot, but in reality, it's just an admission that the platform is at fault, but it can't cover up the real losses suffered by users. The K-line anomaly, system lag, and transfer delay were some of the issues they acknowledged in their own reports, but they refused to acknowledge them as the main cause. At that time, Zhao Changpeng had just been pardoned, and He Yi had to endure the situation in the Chinese speaking area, saying that he slept for two or three hours every day until dark. But what about the users? Some people cleared their loans overnight, while others directly broke through with leveraged revolving loans. As the world's largest platform, Binance has set its own rules, risk control, and pricing mechanism. Despite such a big incident, Binance has picked itself up completely, leaving the blame on macro, market makers, and users for its high leverage. This is not called responsibility, this is called throwing the blame. Long, to be honest, the high leverage in the cryptocurrency industry is inherently fragile. However, Zhao Changpeng and He Yi cannot be separated from the fact that the platform is made into a single exchange with precise de anchoring, a pricing mechanism that leaves a window, and a system that only adds insult to injury. They are not one of the creators of black swans, but rather amplifiers. Today's commemoration of 10/11 is not for the sake of cursing, but to remind everyone not to entrust their lives to certain exchanges anymore. The rules are set by them, loopholes are left by them, and the blame is not borne by them. It's true that you've exploded your position!