Binance Addresses Allegations Amidst $19 Billion Crypto Liquidation
- On October 10, the crypto market experienced a massive liquidation event, with approximately $19 billion in positions wiped out.
- Binance co-CEO Richard Teng stated that both centralized and decentralized exchanges saw simultaneous spikes in liquidations.
- Teng attributed the market shock to external factors like US tariffs on China and global financial uncertainty, not internal exchange activities.
- Despite the volatility, Binance completed a $1 billion Bitcoin purchase for its Secure Asset Fund for Users (SAFU), now holding approximately $1.005 billion in BTC.
- The exchange’s native token, BNB, has seen a decline of about 29% over the past two weeks.
The recent crypto market turmoil led to significant liquidations across major exchanges, with Binance denying allegations of price manipulation during this period. The selloff was attributed to macroeconomic pressures rather than any specific exchange actions.
Binance’s proactive measures included supporting affected users and maintaining its SAFU fund at over $1 billion in Bitcoin holdings despite market challenges. This highlights the platform’s commitment to user protection amid volatile conditions (Source).
