A viral thread on X (1.1 million views) has put forward a forensic narrative for Friday’s crypto wipeout , arguing that what looked like a chaotic macro-driven capitulation was, in fact, a targeted exploitation of how Binance priced collateral inside its Unified Account. The author @ElonTrades frames the episode not as a stablecoin failure but as an exchange-side design flaw that was hit precisely when the broader market was already on edge.

Why Did The Crypto Market Really Crash?

According to @ElonTrades, the core of the setup was Binance’s decision to value certain collateral — notably USDe, wBETH and BNSOL — using its own spot-order-book data rather than external or redemption-based oracles. The thread claims Binance had already announced a change “on Oct 6 … to move to oracle-based

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