Exclusive Data Reveals USDE Crash: Vulnerability and Massive Liquidations

The October 10th crash of the USD Coin (USDE) triggered the largest liquidation event in crypto history, with over $19 billion in assets liquidated. This massive event resulted in a $65 billion decline in open interest, dwarfing previous market crashes like the COVID-19 downturn or the FTX collapse. A key factor contributing to this unprecedented crash is believed to be vulnerabilities within Binance’s orderbook data system, potentially exploited through coordinated attacks.