# Сопутствующие статьи по теме Controversy

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Controversy", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Old Case Resurfaces: The 1011 Crash Sparks a Mixed Battle of Public Opinion Between Exchanges and Ecosystems

"Old Case Resurfaces: The 1011 Crash Sparks a Public Opinion Battle Between Exchanges and Ecosystems" Over the weekend, a wave of criticism targeting Binance reignited on X (formerly Twitter), centered on revisiting the "1011 Event" from October 11, 2023. The controversy was sparked by ARK Invest CEO Cathie Wood, who suggested in an interview that the crypto market's recent stagnation was an aftershock of a $28 billion leverage liquidation event caused by a system glitch on Binance. The 1011 Event was a major market crash where the global crypto market lost over $500 billion in value, with leverage liquidations surpassing $19 billion. Critics point to a liquidity anomaly on Binance during the crash, which triggered its Auto-Deleveraging (ADL) mechanism and caused massive, cascading liquidations. The exchange's high-yield USDe promotion was also cited as a contributing risk factor. Binance later paid approximately $283 million in compensation to affected users but maintained the sell-off was driven by broader market conditions. The criticism has evolved into a broader industry debate. A key figure in the accusatory camp is Leonidas, a founder in the Bitcoin Ordinals ecosystem, who has long criticized Binance's listing practices, alleging the exchange demands high token allocation fees from projects. More significantly, OKX founder Star (Xu Mingxing) entered the fray, arguing the 1011 crash fundamentally altered the market's microstructure. He claimed Binance's USDe promotion, which offered 12% APY and was treated as collateral, introduced massive systemic risk akin to a "tokenized hedge fund," not a stablecoin. The conflict also revealed underlying public chain competition. CZ unfollowed Solana co-founder Anatoly Yakovenko (Toly) after he shared Xu's critical post, hinting at the rivalry between Binance's BSC chain and Solana for meme coin liquidity. In Binance's defense, some analysts offered more neutral perspectives. Trader Benson and Dragonfly's Haseeb Qureshi argued that while Binance had some responsibility, the "USDe caused the crash" narrative doesn't align with the timeline, as the market bottomed before USDe depegged on Binance. They suggested a confluence of factors—including Trump's tariff comments, API issues preventing market makers from hedging, and a lack of circuit breakers—led to the crash. Amid the FUD, Binance announced it would convert the assets in its $1 billion SAFU insurance fund from stablecoins to Bitcoin. The article concludes that the intense scrutiny on Binance stems from its dominant size, meaning any structural industry problem will manifest there first. The core of the debate is not just assigning blame for one event, but whether the leading exchange will assume a higher responsibility for market stability.

marsbit02/02 03:20

Old Case Resurfaces: The 1011 Crash Sparks a Mixed Battle of Public Opinion Between Exchanges and Ecosystems

marsbit02/02 03:20

Old Case Resurfaces: The 1011 Crash Sparks a Mixed Battle of Public Opinion Between Exchanges and Ecosystems

A wave of criticism targeting Binance resurfaced on social media, reignited by ARK Invest CEO Cathie Wood's comments blaming a past "system glitch" at the exchange for the crypto market's prolonged stagnation. She referred to the October 11th ("1011") event, a major market crash that saw over $190B in liquidations, as a key reason crypto wasn't rallying with other assets. Binance co-founder He Yi quickly countered, suggesting Wood, a Coinbase investor, was not a user and misinformed. The 1011 event itself was a "black swan" where a sharp market downturn was exacerbated by a liquidity anomaly on Binance, triggering its Auto-Deleveraging (ADL) mechanism and causing massive, cascading liquidations. Binance later paid $283M in compensation but maintained the sell-off was market-driven. The criticism evolved into a broader industry debate. Key figures leading the charge included Leonidas, a Bitcoin Ordinals proponent, who accused Binance of extracting value from the ecosystem via high token listing fees. OKX founder Star (Xu Mingxing) presented a more technical critique, arguing Binance's high-yield USDe promotion allowed systemic risk to accumulate, fundamentally altering the market's microstructure post-1011. Solana co-founder Anatoly Yakovenko indirectly supported critics, leading CZ to unfollow him—highlighting underlying competition between the BSC and Solana ecosystems. In Binance's defense, some analysts like Dragonfly's Haseeb Qureshi argued the crash lacked a single cause, citing pre-existing market stress from Trump's tariff comments, API issues affecting market makers, and a lack of circuit breakers. Amid the FUD, Binance announced it would convert its $1B SAFU insurance fund from stablecoins to Bitcoin. The incident underscores the immense scrutiny Binance faces as the industry's largest exchange, raising questions about its role in maintaining systemic stability in a leveraged and narrative-driven market.

Odaily星球日报02/02 03:12

Old Case Resurfaces: The 1011 Crash Sparks a Mixed Battle of Public Opinion Between Exchanges and Ecosystems

Odaily星球日报02/02 03:12

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

Telegram's recent unaudited financials reveal a paradox: soaring revenues accompanied by net losses. In H1 2025, revenue surged 65% year-over-year to $870 million, driven by an 88% jump in premium subscriptions ($223 million) and a key partnership with the TON blockchain, which contributed nearly $300 million. Despite an operating profit of nearly $400 million, the company reported a net loss of $222 million. This was primarily due to a significant write-down of its TON token holdings, whose value fell over 73% during the crypto market downturn. A major point of controversy was Telegram's sale of over $450 million worth of TON tokens, representing more than 10% of the token's circulating supply. Community concerns about a cash grab were addressed by TONStrategy Chairman Manuel Stotz, who clarified that the sales were to long-term investors like his NASDAQ-listed firm TONX. The tokens are subject to a four-year vesting period to prevent immediate selling pressure. Founder Pavel Durov framed this as part of a strategy to decentralization, aiming to keep Telegram's ownership of TON below 10% to avoid centralization concerns. Telegram's path to a potential IPO is being watched closely. The company has raised significant capital through bonds, including a recent $1.7 billion convertible note with terms favorable to investors if an IPO occurs before 2030. However, an ongoing legal investigation in France involving Durov presents a potential obstacle. With nearly 1 billion monthly active users, Telegram's deep integration with the volatile crypto ecosystem remains a double-edged sword—a major growth driver but also a source of financial risk—that investors must weigh.

链捕手01/10 14:46

Telegram's 'Crypto Accounting': Surging Revenue Behind Net Losses and the $450 Million Token Sale Controversy

链捕手01/10 14:46

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