Crypto Market Crash Wipes Out $19 Billion Amid Alleged Coordinated Attack

Over the weekend, the cryptocurrency market experienced a significant crash, wiping out over $19 billion. Major cryptocurrencies like Bitcoin and Ethereum saw dramatic price drops.

The panic was initially triggered by a surprise announcement of a 100% tariff on Chinese tech exports by former US President Donald Trump.
Analysts believe the crash might have been a coordinated event rather than a natural market reaction.
Ran Neuner pointed out that the sell-off started after US markets closed, catching European and Asian traders off guard.
Major data platforms faced outages, leading to inconsistent price data and liquidity issues across exchanges.

Binance’s Collateral System Exploitation

Commentator ElonTrades suggested the crash might be linked to an exploitation of Binance’s internal pricing mechanism.
Binance used its own order-book prices for collateral valuation, which could be manipulated to devalue margin accounts.
A group dumped $60 million to $90 million in tokens on Binance, triggering forced liquidations valued at $500 million to $1 billion.
This led to a profit of $192 million through short positions opened on Hyperliquid.

Despite the crash, Bitcoin is trading at $115,025, up by 2.85%, and Ethereum is at $4,160, up by 8.5% in the last 24 hours.