Coinkarma founder: The core issue of the crash on October 11 is not USDe, but the abnormal price difference that occurred on Binance at that time

Coinkarma founder Benson Sun stated that Binance is indeed responsible for the crash on 1011, but the core issue does not lie with USDe, as the timeline does not match. The lowest point of the market crash was at 5:20, while USDe reached its lowest point of $0.65 at 5:54. The extreme de-pegging occurred 30 minutes after the market began to rebound, indicating that the extreme de-pegging of USDe was a secondary disaster rather than the trigger for the crash.

Benson indicated that based on an analysis of extreme market conditions over the past six years, the price difference between Binance and other trading platforms during each extreme event has typically been within 5%. However, on the day of 1011, more than half of the cryptocurrencies had the lowest prices on Binance, with many deviations exceeding 50% or even 100%. Such a scale of price misalignment has not been seen in any previous black swan events. Additionally, at that time, the price of the same cryptocurrency in the USDT trading pair was significantly lower than that in the USD trading pair. This suggests that there was likely a problem with Binance's system at that time.

If the point of failure was elsewhere, the most liquid Binance should not have the lowest prices. Furthermore, the withdrawal of liquidity by market makers is not the main cause. The public opinion expressed by OKX Star has sparked discussion, which is a good thing, but the focus may have been misplaced.