Post
CipherX零号
·
--
$BTC CZ responds to market doubts: denies allegations of Binance causing October's crypto market crash
In response to the approximately $19 billion forced liquidation that occurred in the crypto market in October this year, Binance founder Zhao Changpeng (CZ) recently made a public statement denying the accusations that "Binance caused the market crash" and stated that these claims are "tenuous and lack factual basis".
CZ indicated that some opinions simplistically attribute the market's violent fluctuations to a single exchange, which misinterprets the complex market structure. He emphasized that the drastic price swings at that time were due to multiple overlapping factors, including concentrated high-leverage positions, liquidity contraction within a short period, and a rapid reversal of market sentiment, rather than the active behavior of any single platform.
Regarding user complaints about price discrepancies and system issues, CZ also provided explanations. He acknowledged that under extreme market conditions, the platform did experience technical pressures, but these issues do not equate to "market manipulation". To this end, Binance has compensated affected users approximately $600 million to cover losses from abnormal trading and system failures.
CZ further pointed out that the forced liquidation mechanism itself is an inherent risk of leveraged trading. When a large number of high-leverage positions simultaneously trigger risk control rules, it is difficult for any large platform to completely avoid a chain reaction. He called for the market to view risk management issues more rationally, rather than seeking a "single culprit" after volatility occurs.
Overall, CZ's response attempts to shift the focus from emotional blame back to the market structure and the risk itself, while also indicating that Binance is willing to take responsibility for system issues, but refuses to take the blame for the overall market decline.
{future}(BTCUSDT)
In response to the approximately $19 billion forced liquidation that occurred in the crypto market in October this year, Binance founder Zhao Changpeng (CZ) recently made a public statement denying the accusations that "Binance caused the market crash" and stated that these claims are "tenuous and lack factual basis".
CZ indicated that some opinions simplistically attribute the market's violent fluctuations to a single exchange, which misinterprets the complex market structure. He emphasized that the drastic price swings at that time were due to multiple overlapping factors, including concentrated high-leverage positions, liquidity contraction within a short period, and a rapid reversal of market sentiment, rather than the active behavior of any single platform.
Regarding user complaints about price discrepancies and system issues, CZ also provided explanations. He acknowledged that under extreme market conditions, the platform did experience technical pressures, but these issues do not equate to "market manipulation". To this end, Binance has compensated affected users approximately $600 million to cover losses from abnormal trading and system failures.
CZ further pointed out that the forced liquidation mechanism itself is an inherent risk of leveraged trading. When a large number of high-leverage positions simultaneously trigger risk control rules, it is difficult for any large platform to completely avoid a chain reaction. He called for the market to view risk management issues more rationally, rather than seeking a "single culprit" after volatility occurs.
Overall, CZ's response attempts to shift the focus from emotional blame back to the market structure and the risk itself, while also indicating that Binance is willing to take responsibility for system issues, but refuses to take the blame for the overall market decline.
{future}(BTCUSDT)
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
65,653.26
-2.87%