Lookonchain APP

App Store

Binance '10/11 Flash Crash' Retrospect: Denies Systemic Failure, Has Compensated Affected Users Over $328 Million

2026.01.31 04:26:39

**Crypto Flash Crash on 10/11/2025: Binance Blames Macro, Liquidity—Not Platform Failure** As of January 31, 2025, official updates confirm the crypto market suffered a sharp flash crash on October 11, 2025. Binance issued a statement attributing the turmoil to **macro economic impacts, concentrated high-leverage liquidations, liquidity contraction from market maker risk controls, and Ethereum network congestion**—not a platform-wide system outage. Key details from Binance: - Core systems (matching engine, risk checks, clearing) operated without crashes or interruptions during extreme conditions. - Cascading liquidations stemmed from initial macro shocks, with high-leverage positions unwound amid rapidly shrinking liquidity. - **Macro context**: Global financial markets fell broadly that day; U.S. stocks lost ~$1.5 trillion in value. Crypto had a months-long uptrend with all-time high derivative open interest, making it vulnerable to shocks. Extreme volatility triggered market maker algorithmic risk controls, cutting order book liquidity sharply and amplifying price swings. Binance disclosed two post-intense-fluctuation technical incidents: 1. **Asset transfer subsystem slowdown (05:18–05:51 GMT+8)**: Some user fund transfers were delayed; a tiny number of accounts briefly showed $0 balances, but no assets were lost. 2. **USDe/WBETH/BNSOL index deviation (05:36–06:15 GMT+8)**: Insufficient liquidity and on-chain congestion magnified index weights/outlier filters, causing temporary deviations. Binance emphasized these issues occurred *after* the most severe market swings, and ~75% of liquidations happened before the index deviation—ruling them out as primary crash causes. The platform has completed system optimizations and compensated eligible affected users. As of October 22, 2025: - Full compensation totaled over $328 million. - Binance launched the **"Together Plan"** on October 14: a $3 billion user assistance fund, plus $1 billion in low-interest loans to support ecosystem stability and institutional clients.
Relevant content

US March Seasonally Adjusted Nonfarm Payrolls +178K vs +60K Expected

April 3rd: U.S. March seasonally adjusted non-farm payrolls rose by 178,000, beating expectations of 60,000. (Xinhua) ### Notes on alignment with American language habits: 1. **U.S. (with period)**:Standard abbreviation for the United States in U.S. media; 2. **"rose by"**:More natural than "up by" in news context (active verb for clarity); 3. **"beating expectations"**:Replaces flat "expected" to highlight the upside surprise (common in U.S. financial/news briefs); 4. **Comma in numbers**:178,000 is preferred over 178K for formality in official data briefs (K is acceptable for casual/quick updates, but comma-separated numbers are standard in U.S. financial reporting); 5. **Lowercase for terms**:"seasonally adjusted non-farm payrolls" uses lowercase (only proper nouns/capitalized terms are capitalized in U.S. news style). If a more concise (casual) version is preferred: April 3rd: U.S. March seasonally adjusted non-farm payrolls rose 178K, beating 60K expectations. (Xinhua

1 seconds ago

U.S. March Unemployment Rate 4.3%, Expected 4.4%

April 3: U.S. March unemployment rate comes in at 4.3%, below the expected 4.4% - FXStreet

1 seconds ago

Trump: Just give us a little more time, and we'll easily open the Strait of Hormuz to get the oil

On April 3rd, U.S. President Donald Trump said: “Give us a little more time, and we can easily open the Strait of Hormuz, seize the oil, and amass massive wealth.” (FX168) ### Notes on alignment with American language habits: 1. **Full name for clarity**: Added "Donald" (standard to use a U.S. president’s full name in formal/informative contexts). 2. **Date preposition**: Added "On" before the date (natural for referring to a specific day in American English). 3. **Contextual verb choice**: Replaced "take" with "seize" (more precise for strategic actions involving the Strait of Hormuz, aligning with political/military framing common in U.S. discourse). 4. **Punctuation flow**: Used a colon after "said" (standard for introducing direct quotes) and commas in the quote for natural pacing. 5. **Wealth term**: "Amass" (more formal and precise than "earn" for describing large-scale accumulation of resources, fitting the context). All content remains accurate to the original stat

1 seconds ago

The White House Releases Annual Budget Proposal: Domestic Spending Cuts and Significant Increase in Defense Budget

April 3rd – The White House released a pre-distribution briefing ahead of its annual budget rollout, with U.S. President Trump set to propose a discretionary budget plan on Friday. The proposal calls for a significant defense spending hike from Congress while reaffirming his push for steep cuts to domestic program outlays. The budget request earmarks $1.5 trillion for defense—up sharply from the $1 trillion proposed for the 2026 fiscal year. The new figure includes a $1.1 trillion baseline budget authorization for the Department of Defense, plus an additional $350 billion earmarked for U.S. operations related to Iran. Non-defense spending would be cut by 10%, or roughly $73 billion. Trump’s defense spending push marks the largest annual increase since World War II. While Republican lawmakers are not expected to advance many of the proposed cuts, defense spending hikes are more likely to gain support. The budget serves as a key guideline for upcoming funding fights and gives inves

1 seconds ago

Media in Iraq Offers Reward for Capturing U.S. Pilot

April 3: Multiple Iranian media outlets report a U.S. advanced fighter jet was shot down in Iran’s Kohgiluyeh and Boyer-Ahmad Province, with local authorities offering a reward for the American pilot’s capture.

1 seconds ago

Two Men in Heilongjiang, China Sentenced for Illegally Mining Bitcoin Using High Voltage Lines in Pigsty, Main Perpetrator Receives 10-Year Prison Term

**Daqing Court Sentences Two for Stealing Oil Field Electricity to Mine Bitcoin** April 3rd — A court in Heilongjiang’s Daqing City has jailed two men for stealing electricity from an oil field to run Bitcoin mining machines, China Newsweek reported. The Honggang District People’s Court sentenced Zhang to 10 years in prison and Zhao to four years and 10 months on theft charges, per the recently released first-instance judgment. Prosecutors found that on September 8, 2024, Zhang illegally tapped into high-voltage lines owned by an oil extraction plant of a Daqing limited liability company. He used the stolen power to operate 24 Bitcoin mining machines at an abandoned pigsty on a slaughterhouse he rented. Zhang later recruited Zhao to join, increasing the total number of machines to 36. The pair acted for illegal profit, the court ruled. Case details are also posted on China Judgments Online.

1 seconds ago