Overview
- Teng said the selloff was industrywide, with about $19 billion in forced liquidations across centralized and decentralized venues, and compared it to a $1.5 trillion drop in U.S. equities and roughly $150 billion in equity liquidations that day.
- Roughly 75% of liquidations clustered around 9:00 p.m. ET, coinciding with a brief stablecoin depeg and temporary slowness in asset transfers that he described as isolated issues.
- Binance reported no signs of abnormal mass withdrawals during the turmoil, as Teng rejected claims the exchange triggered the cascade.
- He said Binance provided support to affected users, contrasting the company’s actions with other platforms that did not offer similar assistance.
- Separately, Binance said it completed a $1 billion Bitcoin purchase for its SAFU insurance fund, bringing holdings to 15,000 BTC and pledging to top up the fund if its value falls below $800 million.