Old Dope Robe

[Byzantine General @ByzGeneral]

Do you know what this pattern is called?

It's called the "we're gonna chop you up until you give up and then we're gonna send it again, fuck you" pattern.

[Old Dope Robe @OldDopeRobe]

@josephwang Would trump not create more drama if he thought Warsh was gonna hike as he did with Powell?

[Old Dope Robe @OldDopeRobe]

@LomahCrypto You mean days

[Old Dope Robe @OldDopeRobe]

@degentradingLSD True but still depends on how ETFs see this

[Old Dope Robe @OldDopeRobe]

@AltcoinSherpa You know what's gonna rock your boat? Iran resolution and price keeps drifting lower

[Old Dope Robe @OldDopeRobe]

@thiccyth0t Shorts locked in?

[Old Dope Robe @OldDopeRobe]

@zhusu engagement bait

[Old Dope Robe @OldDopeRobe]

@theOsbrah dm

[Old Dope Robe @OldDopeRobe]

@0xAnteater @cobie @lBattleRhino @lightcrypto @thiccyth0t @trippingvols @Galois_Capital @Gold_Mansack @DefiSquared @frankthepepe @mrjasonchoi @0xENAS @rajivpoc @GabeWithTheHat @0xAnteater should be a guest too

[Old Dope Robe @OldDopeRobe]

@JamesWynnReal Go short

[Old Dope Robe @OldDopeRobe]

@JamesWynnReal Go short bro. Take it for the team

[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.

[Old Dope Robe @OldDopeRobe]

@0xAnteater Ant please come back 😭

[Old Dope Robe @OldDopeRobe]

@cloutman_ so you give bad reviews for no reason

[Old Dope Robe @OldDopeRobe]

@shu_bit_ @CryptoHayes too much stinky fruit

[Old Dope Robe @OldDopeRobe]

@hansolar21 Isn't this what you said last time

[Watcher.Guru @WatcherGuru]

JUST IN: 🇺🇸 White House prepares executive order to fine banks that discriminate against crypto companies &amp; conservatives.

[Old Dope Robe @OldDopeRobe]

@Crypto_Chase you closed your 0.9 bids?

[Old Dope Robe @OldDopeRobe]

@MeDeity what about her?