CZ Defends Binance: Dismisses Claims Linking Exchange To October 10 Crypto Crash
#PreciousMetalsTurbulence Changpeng “CZ” Zhao, the co‑founder and former CEO of Binance, has pushed back against ongoing claims that the world’s largest cryptocurrency exchange was responsible for the sharp market crash that rocked the digital asset sector last October.
Speaking during a live ask‑me‑anything session hosted on Binance’s own social platform, Zhao described those accusations as “far‑fetched,” arguing that they oversimplify what was one of the most turbulent days in crypto market history.
CZ Rejects Blame For $19 Billion Crypto Liquidations
During the session, Zhao rejected the idea that Binance was the primary force behind the record wave of liquidations seen on October 10, when traders across the industry were hit by sudden price swings, technical disruptions, and liquidity issues.
That day, an estimated $19 billion worth of leveraged crypto positions were wiped out, marking the largest single‑day liquidation event in the roughly 16‑year history of the crypto market.
While Binance did experience system glitches and pricing discrepancies during the turmoil, Zhao emphasized that the cryptocurrency exchange was not the cause of the broader market collapse. CZ said...