Binance Blames “Display Issue” Behind Altcoin Crash to $0 – Finance Magnates

   Subscribe to our News &amp; Services     <br>           Subscribe to our News &amp; Services         <br>             FM ALL News           <br>             FM Crypto           <br>             Follow us on Twitter           <br>             Follow us on Linkedin           <br>Two days after several altcoins on Binance crashed to zero, the cryptocurrency exchange issued a statement today (Monday), blaming the incident on a “display issue”.<br><a href="https://events.financemagnates.com/event/FMLS25/register?RefId=Article&utm_campaign=Article&utm_medium=J-Article&utm_source=registration&utm_term=Finance%2520Magnates-%2520Article" target="_blank" rel="nofollow noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://events.financemagnates.com/event/FMLS25/register?RefId%3DArticle%26utm_campaign%3DArticle%26utm_medium%3DJ-Article%26utm_source%3Dregistration%26utm_term%3DFinance%252520Magnates-%252520Article&amp;source=gmail&amp;ust=1760419889242000&amp;usg=AOvVaw0RNqAbQ8C095VK2UI45NS6" data-v-75f3955d><strong data-v-75f3955d>Digital assets meet tradfi in London at the FMLS25.</strong></a><br>IoTeX, Cosmos, and Enjin are among several cryptocurrencies whose value on Binance hit $0 last Friday. However, their values were much higher than $0 on other centralised crypto exchanges at the same time.<br>“Certain trading pairs (such as IOTX/USDT) recently reduced the number of decimal places allowed for minimum price movement, causing the displayed prices in the user interface to be zero, which is a display issue and not due to an actual zero price,” <a href="https://www.binance.com/en/support/announcement/detail/d9cb0d52d7c142a5be4f49732bd8760c" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>Binance noted</a>.<br>The statement came amid a series of allegations of market manipulation on Binance by industry experts.<br>“Binance will optimise the UI display and apply UI display corrections for related abnormal prices,” the exchange continued.<br>Manipulation of USDe, wBETH and BNSOL began around 21:14 UTC.<br data-v-75f3955d><br data-v-75f3955d>You can zoom in on the minute chart of <a href="https://twitter.com/search?q=%24SUI&src=ctag&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>$SUI</a>, <a href="https://twitter.com/search?q=%24ATOM&src=ctag&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>$ATOM</a> or any other altcoin and see the correlation. For people saying the depeg/manipulation happened after alts bottomed. Nonsense. You have to zoom in, this stuff… <a href="https://t.co/1fBPfEoT5l" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>pic.twitter.com/1fBPfEoT5l</a><br>The weekend crypto flash crash resulted in the <a href="https://www.financemagnates.com/trending/whats-next-for-bitcoin-ethereum-xrp-and-dogecoin-after-19b-weekend-flash-crash/" target="_self" data-v-75f3955d>liquidation of $19 billion in crypto positions</a>, which is the highest in history.<br>The market also witnessed the depegging of USDE, BNSOL, and WBETH. Ethena’s USDe synthetic dollar dropped to $0.65. According to Binance, “the extreme market downturn occurred before the depegging.”<br>Binance also automatically sold off collateral altcoins to cover losses, creating a feedback loop that pushed prices down rapidly. The exchange later announced that it had paid out $283 million to cover losses from Friday's depegging.<br>The crypto exchange further explained that the <a href="https://www.financemagnates.com/forex/education-centre/understanding-liquidity-and-market-liquidity/" target="_self" data-v-75f3955d>one-sided liquidity issue</a> also triggered the extreme sell-off during the turbulent hours.<br>“Historical limit orders (some dating back years, as far as 2019, e.g., IOTX, ATOM) had remained open on the platform,” Binance added. “During the extreme market sell-off and the lack of buying orders, sell orders continued to execute against these long-standing limit orders, pushing token prices to drop sharply for a short time.”<br>While Binance blamed the UI glitch and one-sided liquidity for the sudden drop in prices, Crypto.com’s CEO, Kris Marszalek, called for a regulatory investigation into exchanges that faced heavy liquidity issues, without naming Binance.<br>Two days after several altcoins on Binance crashed to zero, the cryptocurrency exchange issued a statement today (Monday), blaming the incident on a “display issue”.<br><a href="https://events.financemagnates.com/event/FMLS25/register?RefId=Article&utm_campaign=Article&utm_medium=J-Article&utm_source=registration&utm_term=Finance%2520Magnates-%2520Article" target="_blank" rel="nofollow noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://events.financemagnates.com/event/FMLS25/register?RefId%3DArticle%26utm_campaign%3DArticle%26utm_medium%3DJ-Article%26utm_source%3Dregistration%26utm_term%3DFinance%252520Magnates-%252520Article&amp;source=gmail&amp;ust=1760419889242000&amp;usg=AOvVaw0RNqAbQ8C095VK2UI45NS6" data-v-75f3955d><strong data-v-75f3955d>Digital assets meet tradfi in London at the FMLS25.</strong></a><br>IoTeX, Cosmos, and Enjin are among several cryptocurrencies whose value on Binance hit $0 last Friday. However, their values were much higher than $0 on other centralised crypto exchanges at the same time.<br>“Certain trading pairs (such as IOTX/USDT) recently reduced the number of decimal places allowed for minimum price movement, causing the displayed prices in the user interface to be zero, which is a display issue and not due to an actual zero price,” <a href="https://www.binance.com/en/support/announcement/detail/d9cb0d52d7c142a5be4f49732bd8760c" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>Binance noted</a>.<br>The statement came amid a series of allegations of market manipulation on Binance by industry experts.<br>“Binance will optimise the UI display and apply UI display corrections for related abnormal prices,” the exchange continued.<br>Manipulation of USDe, wBETH and BNSOL began around 21:14 UTC.<br data-v-75f3955d><br data-v-75f3955d>You can zoom in on the minute chart of <a href="https://twitter.com/search?q=%24SUI&src=ctag&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>$SUI</a>, <a href="https://twitter.com/search?q=%24ATOM&src=ctag&ref_src=twsrc%5Etfw" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>$ATOM</a> or any other altcoin and see the correlation. For people saying the depeg/manipulation happened after alts bottomed. Nonsense. You have to zoom in, this stuff… <a href="https://t.co/1fBPfEoT5l" target="_blank" rel="nofollow noopener noreferrer" data-v-75f3955d>pic.twitter.com/1fBPfEoT5l</a><br>The weekend crypto flash crash resulted in the <a href="https://www.financemagnates.com/trending/whats-next-for-bitcoin-ethereum-xrp-and-dogecoin-after-19b-weekend-flash-crash/" target="_self" data-v-75f3955d>liquidation of $19 billion in crypto positions</a>, which is the highest in history.<br>The market also witnessed the depegging of USDE, BNSOL, and WBETH. Ethena’s USDe synthetic dollar dropped to $0.65. According to Binance, “the extreme market downturn occurred before the depegging.”<br>Binance also automatically sold off collateral altcoins to cover losses, creating a feedback loop that pushed prices down rapidly. The exchange later announced that it had paid out $283 million to cover losses from Friday's depegging.<br>The crypto exchange further explained that the <a href="https://www.financemagnates.com/forex/education-centre/understanding-liquidity-and-market-liquidity/" target="_self" data-v-75f3955d>one-sided liquidity issue</a> also triggered the extreme sell-off during the turbulent hours.<br>“Historical limit orders (some dating back years, as far as 2019, e.g., IOTX, ATOM) had remained open on the platform,” Binance added. “During the extreme market sell-off and the lack of buying orders, sell orders continued to execute against these long-standing limit orders, pushing token prices to drop sharply for a short time.”<br>While Binance blamed the UI glitch and one-sided liquidity for the sudden drop in prices, Crypto.com’s CEO, Kris Marszalek, called for a regulatory investigation into exchanges that faced heavy liquidity issues, without naming Binance.<br>     Share this article   <br>       Get all the top financial news delivered straight to your inbox. 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