🚨 Binance’s Richard Teng Breaks Silence on the “10/10” Crypto Nightmare
On Oct. 10, the crypto market witnessed a massive $19 BILLION liquidation event — and according to Binance Co-CEO Richard Teng, it wasn’t caused by Binance.
Here’s what really happened 👇
🔹 Macro shockwaves hit markets
China imposed rare earth export controls while the U.S. announced fresh tariffs.
The U.S. stock market alone wiped out $1.5 trillion in value that day.
🔹 75% of crypto liquidations happened around 9 p.m. ET
This came alongside:
• A stablecoin depegging
• Temporary asset transfer slowdowns
🔹 All exchanges were affected
Teng emphasized that liquidations occurred across both centralized and decentralized platforms — not just Binance.
🔹 No massive withdrawals from Binance
Despite the chaos, trading data showed no significant bank-run style exits. Binance says it supported affected users during the turmoil.
📊 Context matters:
• Crypto liquidations: ~$19B
• U.S. equity liquidations: ~$150B
• Binance 2025 trading volume: $34T
• Users: 300M
💡 Big takeaway?
Retail demand has cooled, but institutional and corporate money is still flowing in.
According to Teng:
“Smart money is deploying.”
Crypto remains tied to geopolitics and interest rate uncertainty — but long-term industry players know volatility is part of the cycle.
Was 10/10 a warning… or just another shakeout before the next move? 👀
#Binance #Bitcoin #Markets #Liquidations
