In a most dramatic fashion, the crypto market plummeted over $500B on October 11, 2025, with the merry thieves-Binance, Wintermute, and Trump-bearing the brunt of the blame. 💸😂
On the eleventh of October, 2025, the crypto world, in a fit of tragic comedy, saw its market cap erased by more than $500 billion. How utterly Shakespearean, yet without the wit!
Bitcoin and Ethereum, those noble cryptocurrencies, suffered declines sharper than a sarcasmand’s epigram. The community, in its infinite wisdom, has swung its accusing fingers at Binance, Wintermute, and the former President Trump, as if they were villains in a Wildean farce. 🤡
Wintermute’s Mischievous Manoeuvres
Wintermute, that enigmatic market maker, contributed splendidly to the catastrophe. One must applaud the drama!
The firm deposited a princely sum of over $700 million in Bitcoin into Binance’s hot wallet just prior to the debacle. Such a grand gesture caused prices to tumble like leaves in autumn-panic ensued, oh how delightful the chaos! 😱
Thereupon, Wintermute withdrew its liquidity, leaving the market gasping. Tokens like ATOM and SUI collapsed faster than a bad play. Traders, poor souls, were paralyzed, unable to flee the sinking ship. Nonchalant as ever, Binance’s order books emptied, bidding farewell to reason.
As Hanzo from EveryCryptoTool astutely noted, it was a testament to Binance’s centralized reign. Users moaned of platform woes-orders frozen mid-step, like a dance abruptly halted. Sarcasm aside, who expected less from such a spectacle? 📉🐻
Binance’s Theatrical Fiascos
Binance, the mighty exchange, faced scorn for its internal follies. Dear me, what a plot twist!
Martin Hiesboeck of Uphold whispered of a vulnerability in the Unified Account margin system. Using volatile baubles like USDe, wBETH, and BNSOL as collateral-Oh, the irony! Who but the gods of finance could devise such absurdity?
The October 11 crypto crash smacks of a cunning assault on Binance’s Unified Account margin frailty.
The debacle arose from collateralizing with USDE, wBETH, and BnSOL, their liquidation values tethered to Binance’s capricious whims…
– Dr Martin Hiesboeck (@MHiesboeck)
USDe’s price nosedived to $0.65, sparking cascades of margin woes and evaporating liquidity. Billions vanished like smoke, leaving naught but ashes. Binance, in its benevolence, apologized and vowed reparations. Yet, their reputation? Tarnished forever, a Wildean tragedy indeed. 💔
Efforts to mend were made, but alas, the horse had fled the barn-Peut-être too late for recovery. 🤷♂️
Trump’s Social Spectacle
Then there was Trump’s Truth Social proclamation-a 100% tariff on Chinese imports! How exquisitely absurd. It rattled traditional markets first, then spilled into crypto’s volatile cauldron, inciting panic like a wildfire at a picnic. 🔥
Bull Theory posits it acted as a structural earthquake, as if some colossal fund liquidated en masse. WLFI, that Trump-endorsed token, plundered 30% beforehand-ah, the insider’s dance! DeFiance Capital’s Kyle slyly suggested foreknowledge and timely sells. Brazen, indeed! 😈
In essence, Trump’s cronies fattened their coffers amidst the crash, yearning now for utopia.
Brazen robbery!
– Adam Cochran (adamscochran.eth) (@adamscochran)
The confluence of Wintermute’s antics, Binance’s blunders, and Trump’s tweets birthed this monumental tumble-one of the grandest debacles in modern crypto lore. Recovery flickers, debate rages. Who knows? Perhaps next time, with more cynicism. Stay tuned for Act Two, darlings! 🎭📈
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2025-10-13 18:49