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BTC $69,497.97 +7.87%
ETH $2,071.88 +11.52%
BNB $633.30 +7.57%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $517.40 +5.84%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

flash

Gate Flash Exchange launches Spring Reward Program, sharing 50,000 USDT for trading

According to the official announcement, Gate will officially launch the Flash Exchange Spring Reward Program from February 12, 16:00 to February 26, 16:00 (UTC+8). During the event, users can initiate flash exchange transactions with a minimum of just $1, enjoying a zero-fee rapid exchange experience, with a total prize pool of 50,000 USDT. This event features three major benefits:1: New User Flash Exchange Gift. Users who have never used the flash exchange feature since registration can receive a reward of 20 USDT by completing their first flash exchange transaction of ≥ 30 USDT during the event period, with a total prize pool of 10,000 USDT.2: Daily Flash Exchange Check-in. During the event, users who complete a flash exchange transaction of ≥ 100 USDT each day will be considered as having successfully checked in. After the event ends, users will share 20,000 USDT proportionally based on the total number of successful check-in days, with rewards available for those who check in for 3 consecutive days or more.3: Universal Trading Benefits. All users participating in flash exchange transactions can share 20,000 USDT based on their transaction volume proportion, with a maximum of 1,000 USDT per person.It is reported that Gate Flash Exchange currently supports over 2,200 types of cryptocurrency assets, offering zero fees, rapid transactions, and intelligent exchange rate matching services, helping users easily complete multi-currency one-click exchanges.

OKX Star: The crypto flash crash on October 11 was caused by Binance's irresponsible USDe financial activities

OKX CEO Star posted on the X platform, stating, "The events of October 10 were caused by irresponsible marketing activities from certain companies. Hundreds of billions of dollars were liquidated. Many industry participants believe that the damage is more severe than the FTX collapse. The root cause is not difficult to identify.What actually happenedBinance launched a temporary user yield program, offering a 12% annualized yield on USDe, while allowing USDe to be used as collateral, enjoying the same treatment as USDT and USDC, with no effective restrictions.Binance users were encouraged to convert USDT and USDC into USDe for substantial returns, but there was insufficient emphasis on the potential risks. From the user's perspective, trading with USDe was no different from using traditional stablecoins—yet the actual risk situation was significantly higher.As users took the following actions, the risks escalated further: • Converting USDT/USDC to USDe • Using USDe as collateral to borrow USDT • Converting the borrowed USDT back to USDe • And repeating this cycleThis leverage cycle generated artificial annualized yields of 24%, 36%, or even 70%+, simply because they were widely regarded as "low risk" due to being offered by major platforms. Systemic risk rapidly accumulated in the global crypto market.At that time, even a small market shock was enough to trigger a collapse. When volatility hit, USDe quickly decoupled. This was followed by a chain of liquidations, and the risk management weaknesses surrounding assets like WETH and BNSOL further amplified the crash. Some tokens traded close to zero prices at one point. Global users and companies (including OKX clients) suffered significant losses, and recovery will take time."
2026-01-31

Binance releases "1011" market flash crash report, acknowledging two technical failures, but not the main cause of the decline

Binance released a review report on the market flash crash event, stating that the main driving factors of market turbulence include macroeconomic shocks, risk control mechanisms of market makers, and congestion on the Ethereum network. Individual issues on the platform were not the cause of this market flash crash.The three tokens widely mentioned as decoupled (USDe, BNSOL, WBETH) experienced their decoupling at 05:36 (UTC+8), later than the time window of the most severe market fluctuations from 05:10 to 05:20 (UTC+8), and approximately 75% of liquidations had already occurred before the decoupling of these three tokens on that day. The main driving factor of this event was the overall risk-averse sentiment in the market and the chain reaction triggered by liquidations, rather than individual anomalies on the platform.Throughout the process, Binance's core matching engine, risk verification, and liquidation systems remained stable and did not experience interruptions. In the report, Binance acknowledged two technical failures that occurred on that day: first, during the period from 05:18 to 05:25 (UTC+8), during a concentrated market sell-off, the asset transfer subsystem of Binance experienced a performance degradation of about 33 minutes, affecting some users' ability to transfer funds between spot, wealth management, and contract accounts. The matching, risk control, and liquidation systems continued to operate normally, and individual users seeing their balances displayed as "0" was a front-end display issue, not a loss of assets; second, from 05:36 to 06:15 (UTC+8), under conditions of a significant drop in market order book depth, on-chain congestion, and slowed cross-platform rebalancing, the indices for USDe, WBETH, and BNSOL showed abnormal deviations. The report stated that during times of thin liquidity and slowed cross-platform capital flow, the price fluctuations within the platform accounted for an excessively high proportion in the index calculation.
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