Benson: The core issue behind the 1011 crash was not USDe; Binance experienced abnormal price discrepancies at that time.

On January 31, Coinkarma founder Benson Sun stated that Binance indeed bears responsibility for the 1011 crash, but the core problem was not USDe, as the timeline does not match. The market bottomed out at 5:20, USDe reached its lowest point of $0.65 at 5:54, and the de-pegging occurred about 30 minutes after the market started to rebound, indicating that the extreme de-pegging of USDe was a secondary disaster rather than the trigger for the crash.

Benson said that based on the analysis of six years of extreme market conditions, during each extreme event, the price difference between Binance and other trading platforms was almost within 5%. However, on that day, more than half of the tokens had the lowest prices on Binance, with many deviations exceeding 50% and even 100%. Such a scale of price dislocation had never occurred in any previous black swan event. Additionally, the USDT trading pairs for the same tokens were significantly lower than the USD trading pairs. Reverse engineering suggests that Binance's system must have experienced a problem at that time. If the issue originated elsewhere, Binance, with the best liquidity, should not have had the lowest prices. Furthermore, the withdrawal of liquidity by market makers was not the main cause. It is a good thing that OKX Star publicly expressed their views and sparked discussion, but the focus may have been misplaced.