Trader Benson: Binance bears responsibility for the 10/11 attacks, but USDe was not the core cause.

Trader Benson commented on the market volatility of October 11th, stating that while Binance does bear some responsibility, the core issue is not with USDe. He pointed out that, chronologically, when the market reached its lowest point at 5:20, USDe only experienced a slight decoupling. The real drop to 0.65 occurred at 5:54, about 30 minutes after the market began its rebound, indicating that USDe's extreme decoupling was more of a secondary consequence of the volatility than the direct cause of the crash. Benson further analyzed that the real anomaly lay in the large-scale price discrepancies between Binance and other exchanges between 5:18 and 5:20. On that day, more than half of the cryptocurrencies experienced their lowest prices across the entire market on Binance, with some deviations reaching 50% or even 100%. Furthermore, USDT trading pairs for the same cryptocurrencies were significantly lower than USD trading pairs, something unprecedented in previous black swan events. They believe that, in retrospect, the problem is more likely to be at the system level of Binance, rather than simply caused by market makers withdrawing liquidity. They also call for the industry to have a more thorough and open discussion of the incident, taking advantage of Binance's recap.