Binance’s native token BNB experienced a significant surge to an all-time high of $1,370 on Monday, defying the overall cryptocurrency market downturn triggered by a nearly $20 billion liquidation event over the weekend. While Binance attributes this rise to DeFi expansion and institutional investment, user complaints regarding technical glitches during the crash have surfaced. 😓 The controversy stems from claims that the exchange’s system malfunctions left traders unable to exit positions, contributing to widespread market panic. 🤯 Binance co-founder Yi He countered these allegations, blaming wider market conditions as the primary driver behind the crash. Despite this, some centralized exchanges (CEX) have come under scrutiny for potentially underreporting user liquidations. Notably, crypto exchange Hyperliquid CEO Jeff Yan alleges that certain CEXs might be systematically understating liquidation amounts. This has fueled growing concerns within the industry. Meanwhile, speculation surrounding market makers’ actions adds another layer of complexity. Crypto market maker Wintermute transferred $700 million in Bitcoin to Binance just hours before the crash, as reported by popular crypto analyst Merlijn The Trader. This move coincided with the price drop and triggered a rapid liquidation event on Binance, highlighting the potential impact of market makers’ trading strategies.