https://t.co/aISf3l9jhx

Flash Crash Breakdown: my most detailed analysis yet. A tick-by-tick reconstruction of the October 10th collapse - from liquidity vanishing to leverage unwinding.

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Oct 10 Crypto Massacre: Binance Edition The most important microstructure fact from the October 10th crypto massacre isn’t just “volatility was high and we had chain congestion,” it’s that the reference/pricing/quotes many desks and DEXs lean on became unreliable, exactly when

Best quote of the article: "It’s not about the loss itself; it’s about the lack of accountability."

Great research on the 10/10 flash crash of crypto. "Yet almost no one is asking the only question that truly matters——What exactly happened inside Binance’s trading systems between 21:18 and 21:20 UTC? This was not a typical liquidation cascade driven by panic. The

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We are fine, fund took some losses but not even in our top 5 PnL swing days. I am just very angry and disappointed that this event set the space back by so much especially for the altcoins market where most of the price discovery happen on offshore CEXs.

None of us are lions btw unless you're CEX owner.

Long story short, Hyperliquid and Ethena did nothing wrong. Binance did many things wrong.

Here we go, Chapter 3. The oracle is the foundation. When it cracks, everything above it crumbles. We've known this since February 2020. We've paid billions to learn it repeatedly. The only question is whether October 2025 was expensive enough to make us finally act on what we

I think over the next few days it'll become clear that Binance's poor oracle implementation is the biggest contributor to making Friday the largest crypto liquidation event ever Maybe spend less time taking shots at competitors and more time focused on your own CEX

Did Ethena Really Depeg? I’ve seen a lot of chatter about the Ethena depeg during the market mayhem this weekend. The story is that USDe briefly depegged to ~68c before recovering. Here’s the Binance chart everyone is quoting: But digging into the data and talking to a bunch of

“一将功成万骨枯”就是币圈最贴切的写照。 八百亿的身家就是搭建在大家的血与泪上建立起来的。

Worst kind of ppl on this app are the TA bros who are perma-bears on the coins and have been calling for a dump for months and then yesterday happens and it’s the literal worst black swan in crypto history that had absolutely nothing to do with charts or TA and then they come on

While we share these suggestions privately with any partner we work with across both DeFi and CeFi, want to surface this publicly so there is zero doubt going forward on what we view as appropriate oracle design and risk management for USDe:

All these CEX insurance funds are more of a marketing facade than anything real. I have never seen any of them being used in any substantial manner since 2017 after so many major liquidation events we went through to compensate users or to take on the risk of ADL and underwater

DeFi > CeFi when it come to the most critical part of the market, transparency and fairness. That said it will still take a while for DeFi to catch up to the distribution and userbase of CEX.

Only four assets out of the 429 in total on Binance (spot only) are up from the pre-crash prices. Zcash - up 17% RDNT - up 15% Succinct - up 12% Morpho - up 3% The remaining 425 assets are all down

If the industry leaders don't step up to fix and improve the exchange infrastructure of crypto, trust in the market will be gone especially for altcoins and what follows is that there won't be many users that will participate in this market going forward.

i think everyone is thinking about finding a new home for their perp trading after being unfairly liquidated on binance~

Major crypto derivatives markets should have circuit breakers. Allowing a flash crash to blow up a significant percentage of your users is strictly value destructive. But if the exchange is left with bad debt which would have been liquidated if not for circuit breakers? That is

At this rate, the top perp exchanges need to decide if they want to level up and be an institutional exchange or remain a bucket shop forever.