Hey, Binance's so-called “1011 Truth” blog post is nothing but a self-serving whitewash! You think shifting blame onto macro factors, market makers, and Ethereum congestion will let you off the hook? Wake up—independent data and community analysis have already stripped your black box bare. Stop dressing it up as “full system operation” and trying to distance yourselves with two “isolated incidents.” The market isn't fooled—only hard facts can counter your hollow excuses. Let's break down your lies step by step with real data and expose your so-called “truth” for what it is!
First, your core whitewashing: Claiming the flash crash was driven by macro shocks—trade war headlines crashing global markets, $15 billion in system liquidations, US stocks losing $1.5 trillion. You also say Binance's system had “zero downtime, zero failures,” with only two minor hiccups (a 33-minute delay in the transfer subsystem and deviations in three token indices), and 75% of liquidations occurred before the event. Bullshit! Independent analysis shows the collapse was triggered by Binance's own pricing black hole. USDe plummeted to $0.6567 on your platform while other exchanges held steady around $0.997—a deviation of less than 30 basis points. This “phantom price” directly triggered $19.3 billion in liquidations, purely due to your internal oracle failure, not some macro “reflexive” reaction. ATOM plummeted to $0.001 on Binance, SUI hit $0.56—these extreme wicks only happened on your platform. Other exchanges? Steady as a rock. You claim Ethereum congestion drove gas fees to 100 gwei? Actual peaks hit 450 gwei, costing users over a hundred bucks per transfer. But this just proves your risk engine failed under high load, triggering chain-reaction liquidations. Macro factors? Sure, they were triggers—but you amplified the damage tenfold!
Now let's debunk your “defense”: You claim the event didn't cause the collapse, and most deleveraging happened before the macro shock (starting at 20:50 UTC). . That's laughable! Data shows USDe, wBETH, and BNSOL depegging were the real culprits: USDe dropped below 0.93, wBETH discounted 7%, BNSOL nearly 10%—these are assets you widely accept as collateral. Their price deviations directly ignited a self-destructive feedback loop. You admit transfer delays due to database saturation (5-10x traffic), UI showing “0” balances, yet claim no funds were lost? Users report short positions liquidated while longs remained open, triggering full-position blowouts! Order execution lags and platform freezes—these “system glitches” exposed under high volatility aren't “temporary limitations,” they're design flaws. Kraken temporarily crashed, yet you still tout “superior liquidity”? Kaiko data may show good depth, but during the actual collapse, you became the biggest victim-maker.
What about compensation? You boast $328 million paid to eligible users, plus $300 million “Together Initiative” and $100 million loan fund—totaling $400 million. Sounds like a lot? Compared to total losses exceeding $19 billion, this is like sprinkling water! Hyperliquid liquidated $1.03 billion, Bybit $460 million, and you, Binance, $240 million. Yet the entire market lost over $1.9 billion due to your depegging chain reaction. Eligible users? Compensation based on logs, slow verification processes, and requiring NDA signings. Community analysis directly points out that this compensation is a PR stunt, with actual coverage pitifully low, failing to address the pain points of most retail investors. Even more infuriating: the October 12th candlestick chart update. You claim optimization, no data tampering? Yet after user feedback, you rolled it back. Doesn't this precisely prove your black-box operations and arbitrary rule changes?
Finally, transparency? Your post details root causes and timelines, yet concludes with a disclaimer: no admission of fault, reserving the right to deny compensation. Bullshit! Where's the external audit? Where are user reports? Independent investigations reveal this wasn't a “black swan” event, but a “complex system moment” driven by leverage + liquidity + collateral depegging—your monopoly amplified the risks. Binance's “truth”? Pure whitewashing! Data proves you're the root cause of 1011. Keep this double standard up, and the market will eventually dump you. Victims, wake up! Don't buy this spin. Switch to DEXs or stable platforms now!