The recent cryptocurrency market downturn on Friday underscored the volatility of digital asset trading on centralized exchanges. During a period of rapid price fluctuations, some tokens on Binance exhibited temporary $0 prices, leading to concerns about the stability and integrity of the crypto market. However, Binance clarified that these were display issues rather than actual price crashes. The platform attributed this temporary glitch to reductions in decimal places allowed for certain trading pairs, resulting in interface errors. 20 billion USD was liquidated, making it one of the largest historical losses in the cryptocurrency landscape. Traders suggest a coordinated attack on Binance may have exploited its internal oracle data sources to trigger these liquidations, highlighting vulnerabilities in exchange security and regulatory frameworks. Binance is addressing this vulnerability by transitioning to external oracles, aiming to prevent similar occurrences. The platform also pledged to compensate affected traders for their losses. 800 million USD in compensation has been allocated, and Binance will be implementing an additional measure of protection against such incidents by switching to external oracles. This incident revealed the risks inherent within crypto markets, prompting discussions about enhancing regulatory oversight over centralized exchanges, which serve as key players in market liquidity and stability. Industry leaders like Crypto.com have emphasized the need for stronger regulations in this space.