{"id":51465,"date":"2025-10-13T09:54:25","date_gmt":"2025-10-13T02:54:25","guid":{"rendered":"https:\/\/hbbgroup.net\/binance-says-tokens-did-not-crash-to-0-claims-display-issue-responsible\/"},"modified":"2025-10-13T09:54:25","modified_gmt":"2025-10-13T02:54:25","slug":"binance-says-tokens-did-not-crash-to-0-claims-display-issue-responsible","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/binance-says-tokens-did-not-crash-to-0-claims-display-issue-responsible\/","title":{"rendered":"Binance says tokens did not crash to $0, claims ‘display’ issue responsible"},"content":{"rendered":"
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The tokens did not actually crash to $0, but users saw tokens drop to nearly $0 due to a ‘display’ issue, the Binance exchange said. <\/p>\n

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Crypto exchange Binance issued an update to users after several tokens on the platform apparently crashed to $0 in the wake of Friday’s market meltdown, saying that the tokens did not actually crash, but showed a $0 price to users due to a \u201cdisplay issue.\u201d<\/p>\n

Several altcoins appeared to crash to $0<\/a> on Binance during Friday\u2019s market turmoil, including IoTeX (IOTX<\/a>), Cosmos (ATOM<\/a>), and Enjin (ENJ<\/a>), despite the tokens staying well above $0 on other centralized crypto exchanges.<\/p>\n

The tokens did not actually lose 100% of their value on the platform, according to an announcement<\/a> from Binance on Sunday. Binance explained:<\/p>\n

\u201cCertain trading pairs, such as IOTX\/USDT, recently reduced the number of decimal places allowed for minimum price movement, causing the displayed prices in the user interface to be zero, which is a display issue and not due to an actual $0 price.\u201d<\/p><\/blockquote>\n

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Altcoins appeared to drop to $0 on Binance during Friday\u2019s market crash. Source: <\/em>Cointelegraph<\/em><\/a><\/figcaption><\/figure>\n

The Binance exchange became the center of controversy<\/a>, following Friday\u2019s market crash<\/a> that took out up to $20 billion in leveraged positions \u2014 the worst 24-hour crypto liquidation in market history.<\/p>\n

Related: <\/strong><\/em>Market crash ‘does not have long-term fundamental implications’ \u2014 Analyst<\/strong><\/em><\/a><\/p>\n

Traders speculate Binance may have faced a coordinated attack<\/h2>\n

Binance may have been the target of a malicious exploit, which caused Ethena\u2019s USDe synthetic dollar to lose its dollar peg<\/a> on Binance and drop to just $0.65, according<\/a> to crypto trader ElonTrades, who speculated about the cause of the incident.<\/p>\n

The attackers took advantage of digital assets posted to Binance\u2019s \u201cUnified Account\u201d feature that uses oracle data from internal order books as opposed to external oracles, according to ElonTrades.<\/p>\n

Binance previously announced that it would fix the issue by sourcing price feeds from external oracles by October 14, giving threat actors a window of opportunity to exploit the mechanism and create major price discrepancies, ElonTrades theorized.<\/p>\n

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Source: <\/em>ElonTrades<\/em><\/a><\/figcaption><\/figure>\n

This sparked a cascade of liquidations<\/a> of up to $1 billion on Binance, which spread to become a market-wide contagion, he concluded.<\/p>\n

Binance has already announced a total of $283 million in compensation for victims who were liquidated as a result of the depegging event.\u00a0<\/p>\n

Despite this, Kris Marszalek, the CEO of crypto exchange Crypto.Com, called for regulatory investigations of centralized exchanges<\/a> that experienced heavy losses during Friday\u2019s historic market crash.<\/p>\n

Magazine: <\/strong><\/em>What do crypto market makers actually do? Liquidity, or manipulation<\/strong><\/em><\/a><\/p>\n