Binance and Ethena push back

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Industry experts and Binance reject Xu’s theory:

Haseeb Qureshi (Dragonfly): Bitcoin hit its low 30 minutes before USDe depeg, so USDe couldn’t have caused the cascade.

Guy Young (Ethena Labs): USDe’s price discrepancy happened after the market crash.

Binance blames a “liquidity vacuum” and extreme market volatility, not its products.

The debate underscores how fragile crypto markets can be under high leverage.

[nihalsari]

honestly this just shows how fragile high-leverage markets are, one move and everything cascades