Ross Karpov

Entrepreneur

[ElonTrades @ElonTrades]

The Oct 11 Crypto Crash — What Really Happened

TL;DR:

Roughly $60–90M of $USDe was dumped on Binance, along with $wBETH and $BNSOL, exploiting a pricing flaw that valued collateral using Binance’s own order-book data instead of external oracles.

That localized depeg triggered $500M–$1B in forced liquidations, cascaded into $19B+ globally, and earned the attackers about $192M via $1.1B in BTC/ETH shorts opened on Hyperliquid hours earlier, but minutes before Trump tariff announcement.

It wasn’t a USDe failure!! It was Binance’s design flaw, timed with macro panic (Trump’s tariffs) for cover.

What looked like chaos was actually a coordinated exploitation of Binance’s internal pricing system, amplified by a macro shock and systemic leverage.

1️⃣ The Setup

Binance’s Unified Account let traders use assets like USDe, wBETH, and BNSOL as collateral.

Instead of oracle or redemption prices, Binance valued these using its own spot market - a major vulnerability.

On Oct 6, Binance announced a fix to move to oracle-based pricing, but rollout wasn’t until Oct 14, leaving an 8-day window.

2️⃣ The Exploit

During that window, sophisticated actors manipulated Binance’s order books, dumping ~$60–90M of USDe, driving it to $0.65 on Binance only (still ~$1 elsewhere).

Because the Unified Account marked collateral to internal prices, this instantly wiped margin value and triggered $500M–$1B in forced liquidations.

Then, Trump’s 100% China tariff headline hit, magnifying panic and liquidity stress.

3️⃣ The Profit Engine

The same day, fresh wallets on Hyperliquid opened $1.1B in BTC/ETH shorts, funded by $110M USDC from Arbitrum-linked sources.

As the Binance cascade unfolded, BTC and ETH cratered, those shorts netted $192M in profit before closing out at the bottom.

Timing, precision, and funding paths all suggest coordination.

4️⃣ The Contagion

Binance liquidations dumped BTC/ETH/ALTs into thin books.

Other exchanges mirrored the collapse through cross-market bots.

Market makers hedged across venues were forced to unwind everywhere.

Result: $19B+ global liquidations, with many alts down 50–70% intraday, all triggered by <$100M of manipulated collateral.

5️⃣ Who’s at fault?

Binance: design flaw + delay in oracle rollout = root cause.

Exploiters: executed and timed the manipulation, profited via external shorts.

Ethena (USDe): not at fault - protocol stayed 1:1 collateralized, redemptions normal, peg held everywhere else.

6️⃣ Aftermath

Binance admitted “platform-related issues,” promised compensation for affected margin/futures/loan users, and rolled out minimum price floors + oracle integration.

USDe remained operational, and the incident is now a case study in how exchange-side pricing errors can trigger system-wide liquidations.

Bottom line:
A ~$90M dump on Binance and a $1.1B leveraged short elsewhere sparked a $19B bloodbath.

Not a stablecoin failure, but a masterclass in exploiting flawed collateral valuation during peak macro stress.

[Cryptic Trades @CrypticTrades_]

This thread took me over 3 hours to put together. If you found value in it, I’d really appreciate your support:

🔁 Like, Retweet &amp; Comment to help more people see it.

Your engagement means a lot, it’s what allows me to keep creating in-depth threads like this for you. 🙏

[Cryptic Trades @CrypticTrades_]

Blow-Off Top → Recession → Roaring 20’s

My Cycle Outlook for the Months Ahead

🧵👇

[The Kobeissi Letter @KobeissiLetter]

BREAKING: President Trump says he is raising tariffs on India because they “don’t care how many people in Ukraine are being killed by Russia.”

[Coin Bureau @coinbureau]

Everywhere I Go I See His Face.

[Sykodelic 🔪 @Sykodelic_]

Again... it never changes.

The biggest bears were the loudest on BTC.D at the most likely area for a reversal.

After a 2 year uptrend.

We honestly had some of the most ridiculous things being spouted out on the timeline.

BTC Maxis trying to say Bitcoin will go into price discovery and alts will dump forever, when it has literally never happened like that, ever.

Big lesson here.

People will become the loudest about their thesis, when it is in the most likely area for it to reverse.

Bears will get loudest at key support and call for lower, and bulls will get loudest and resistance and call for higher.

Just the same as you're most likely to see people posting screenshots of their portfolio right before it nukes.

It is EASY to feel comfortable about a thesis when the current environment validates it...

But this game is NOT easy.

Anything that feels easy, is dangerous, and exactly when you should question it the most.

Anyway... where is Dominance now after the maxis all claimed it was going to 70%+?

Just put in its first lower low for over two years on the Weekly chart.

In addition, if you are following my content closely I showed you all that BTC.D always tops when TOTAL enters price discovery...

And where is TOTAL right now?

In price discovery.

Data > Emotions

Always.

Once we close in about 10 hours for the week, this lower low will be confirmed, and it will solidify this breakdown.

After that, it will be waiting for the monthly close to confirm its first lower low there too.

But what about what happens next?

I see a little consolidation here whilst BTC moves to its next high and ETH hangs around...

But inevitably leading to a very sharp drop where all the fun begins.

Don't fight the trend.

[RYAN SΞAN ADAMS @RyanSAdams]

Today is a big day for crypto

In the next few hours Trump will be signing the GENIUS act into law.

People think this just a stablecoin bill.

It's not.

This is the most significant step in crypto adoption in our 16 year history.

This is the almighty U.S. Empire, the master of the world's banking system and capital markets, declaring that the future of global finance is crypto.

GENIUS is a gas pipeline from the world's banking system to crypto rails.

The pipe will only get bigger.

In blessing the tokenized of dollars and treasuries the U.S. has just guaranteed every asset in the world will be tokenized.

Dollars are the world reserve currency.

Treasuries are the world reserve asset.

An asset gravity well.

We're now on a path toward full conversion of all banking infrastructure to crypto rails both in the U.S. and around the world.

The only question: years or decades?

In the fullness of time:

- All bank accounts will be stablecoins
- All bank ledgers will be chains

There will be many ledgers, but the odds are strong that Ethereum has cemented its place as the world ledger - a ledger of ledgers.

The things that are most clear in this new world:

Dollars = stablecoins
Banks = chains
Ethereum = world ledger
ETH = world reserve asset
BTC = store of value

Still, media attention is on crypto grifts and memecoins. They still think crypto is useless and have no idea the tectonic shift that's just been signed into law.

I expect they won't see any of this until it's here.

So if you show them this post i expect they'll say it's fantasy land.

But here's the reality.

The crazy idea we started with - that someday crypto will eat finance - GENIUS makes that all but inevitable.

July 18, 2025.

Today is a big day for crypto.

I can't believe we're here.

[JACKIS @i_am_jackis]

#ETH really trying to break 1800$. Probably the most critical level for bears to hold as it unloads a sequence of events

Once it breaks it -> 1950$

Once that happens -> 2100$

Once that happens -> Reclaim of 2024 range of 2100-4000$

Once that happens -> Filling of all CME gaps

Once that happens -> Reclaim of mid range

Once that happens -> 4K challenge again

Once that happens -> Likely a break at some point

Once that happens -> ETH/BTC season

Once that happens -> ALT/BTC season

[Crypto Banter @crypto_banter]

The takeaway:

You don’t need to time the exact top.
But you do need a plan.

The next 4 months could change your life, or wreck your future.

Your edge isn’t prediction.
It’s preparation.

SAVE this post &amp; stick to it...
(NOT FINANCIAL ADVISE)

LOCK IN 🔒

[Ran Neuner @cryptomanran]

$121k with almost zero leverage and zero euphoria. My short term target is $160k.

[Haunted Space🔺 @HauntedSpace_]

3 games, one token.

TGE 15th of July

See you there!

[Alex Becker 🍊🏆🥇 @ZssBecker]

This alt season will be so huge that we will simply buy Israel and Iran...

Then end the war and unite them as one country...

And rename it Uppa-fucka-big-bags-a-stan.

[Ross Karpov @RossKarpov]

Alpha just dropped; $GPU having been an investor, validator, or quester for many months, now it's time to announce!!

Live on GANchain L1, coming soon to $ETH, BSC, Sui, Hyperliquid, Base &amp; Solana!

Follow @gpunet, trade &amp; hold to get 1 Million $GPU liquidity bonus.

[Ran Neuner @cryptomanran]

This is what pain looks like in a tweet!

[The Kobeissi Letter @KobeissiLetter]

The decline in value of fiat currencies against gold has been truly remarkable:

Since 1971, the US Dollar has lost 98.94% of its value against gold, the second-largest fall among major currencies.

During the same period, the British Pound has declined 99.42%.

The Euro would have lost 98.76% if it existed since 1971.

Furthermore, the Japanese Yen and Swiss Franc have dropped 97.47% and 94.85%, respectively.

Meanwhile, gold prices in US Dollar terms are up ~1,000% during this period.

Gold remains a hedge against currency debasement.

[Alex Becker 🍊🏆🥇 @ZssBecker]

Try harder you fucking bitch.

Times ticking. You’ll be old soon.

Then you’ll be dead.

⏰

[The Wolf Of All Streets @scottmelker]

🧵The Problem With “Never Sell Your Bitcoin”

“Never sell your #Bitcoin"

It’s become something between a rallying cry and a religious commandment.

The phrase is repeated like gospel across Twitter, Reddit, podcasts, and conferences. And on the surface, it’s easy to see why. Bitcoin has been the best-performing asset of the past decade. It represents a rebellion against fiat debasement, a bet on freedom, and for many, a hedge against systemic failure. When you believe you're holding the future of money itself, selling can feel like sacrilege.

But beneath the surface, this meme conceals a dangerous oversimplification.

Because here’s the truth: never selling your Bitcoin is a great ideal – but it’s also a luxury.

And for most people, it’s not a practical life strategy.

The Privilege of “Never Sell”

Let’s start with the obvious: “never sell” is much easier to say when you don’t need the money.

If you’re already wealthy, or even just financially stable with strong cash flow, you can afford to lock your Bitcoin in cold storage and never touch it. You can weather volatility, ignore market cycles, and treat your BTC as an inheritance plan. For you, Bitcoin is a vault. A time capsule. A multi-generational asset.

And if you’re really wealthy, there’s an entire playbook designed for you – it’s called Buy, Borrow, Die. You buy assets like Bitcoin, borrow against them to access liquidity without triggering capital gains, and pass them on tax-advantaged when you die. It’s a brilliant strategy. It’s also a reminder: even the “never sell” crowd is still accessing value – they’re just using debt as the wrapper.

But most people aren’t in that position. Most people are working jobs, raising families, paying off debt, and trying to build a future. And for those people, Bitcoin often represents not just a long-term belief – but a potential escape hatch. It gives them hope that a few well-timed trades or a couple of bull runs might finally buy them freedom.

To tell those people “never sell” is like telling someone stuck in a burning building not to use the fire escape because the steel might be worth more in the future. It’s a seductive idea – but sometimes, the exit is the point.

Spending Bitcoin Is Part of the Mission

Here’s something that often gets ignored in these ideological conversations: if you truly believe Bitcoin is money, then at some point, you have to spend it.

You can’t argue that Bitcoin will replace fiat – and simultaneously treat every transaction as betrayal. That’s not how money works.

Currency must move. Economic systems require velocity. You don’t build a new economy by locking your assets away forever. You build it by using them. Transacting. Circulating. Choosing Bitcoin when you could have chosen dollars.

In other words, spending is not failure – it’s function.

Satoshi didn’t invent Bitcoin so we could all sit on it forever. He spent it. Laszlo famously spent 10,000 BTC on pizza. Early adopters used it to buy domain names, electronics, t-shirts, even flights. They literally gave it away to facilitate adoption. Were those good trades in hindsight? Maybe not financially. But they were critical in proving that Bitcoin was more than just an idea – it was money.

You don’t create a circular economy by hoarding. You create it by trusting the system enough to use it.

The Highest ROI Isn’t Always Financial

Let’s go even deeper.

What is the point of wealth? What is the purpose of investing in the first place?

It’s not to die with the largest stack. It’s to enhance your life. To provide freedom, fulfillment, opportunity, and time.

And those things – those currencies – are often worth far more when you’re young and healthy than when you’re old and rich.

If selling Bitcoin now allows you to do something that meaningfully improves your life – to start a business, take a once-in-a-lifetime trip, escape a soul-crushing job, move your family somewhere better – then what exactly are you waiting for? A few more basis points on your net worth?

Let’s be real: happiness has a half-life.

The value of adventure, connection, and freedom doesn’t rise over time. It often fades. Your body changes. Your kids grow up. Opportunities vanish. The dream trip you want to take at 35 won’t hit the same at 65. The company you want to build now may be impossible when life gets more complicated later.

The “return” on those moments is exponential – because they shape who you are, how you live, and what you remember.

Bitcoin can fund those moments. And that’s a good thing. It has given you the opportunity to live the life of your dreams and to do it now.

There’s a Difference Between Selling and Surrendering

To be clear, this isn’t an argument for panic selling or abandoning conviction. I’m not saying you should sell your entire stack every time you want to buy a car.

What I’m saying is that intentionality matters.

There’s a massive difference between selling out of fear – and selling to fund your freedom. One is reactive. The other is strategic.

Too many people in this space confuse conviction with rigidity. But true conviction allows for nuance. It allows you to use your assets to build your life, not just your Ledger balance.

Sell responsibly. Rebalance when it makes sense. Take profits when they materially change your circumstances. Build, live, and then – yes – buy back in if and when it aligns with your values and your goals.

Bitcoin isn’t going anywhere. But your youth is.

A Healthier Bitcoin Philosophy

So let’s rewrite the meme.

“Never sell your Bitcoin” becomes: “Don’t sell your Bitcoin lightly – but don’t be afraid to use it to build the life you want.”

Yes, be a long-term thinker. Yes, have conviction. Yes, protect your wealth from inflation and debasement.

But also: say yes to the business idea. Say yes to the move. Say yes to the adventure. Say yes to the opportunity to spend more time with your kids.

Bitcoin is freedom tech. Use it to be free.

Because the true flex isn’t never selling.

The true flex is having built a life so rich in meaning that selling a little Bitcoin was absolutely worth it.

[Jordi Visser @jvisserlabs]

As we exit another recession obsession and there are still permabear economists and macro “experts” warning you about the next downturn, I thought a thread with another possibility might help.

Recessions Aren’t What They Used to Be—And Neither Is the Economy 🧵

[Donny @DonnyDicey]

The end of U.S exceptionalism... or not yet?

Comparing the 1998 stock market flash crash vs 2025 — a flash crash into a euphoric high (distribution).

Could a distributive $SPX lead to a rotation causing a blow-off top for Bitcoin & Crypto?

🧵 A thread

[Treasury Secretary Scott Bessent @SecScottBessent]

Thanks to @POTUS @realDonaldTrump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help accelerate Ukraine’s economic recovery. Economic security is national security.

@DFCgov will work closely with the Government of Ukraine to establish this fund, and we look forward to quickly operationalizing this historic economic partnership for both the Ukrainian and American people.