The USDE synthetic dollars have avoided the Binance Crypto Exchange due to an internal issue of Oracle and not because of the underlying collateral, the Etherna protocol, or the token itself, according to Guy Young, the founder of the Etherna Labs, the Creator of the USDE.
USDE MINTING AND RULES HAVE BEEN WORKING “Perfect” While Flash Crash of FridayHe claims; $ 2 billion in USDE is redeemed within 24 hours in full crypto exchange, including curve, fluid, and uniswap, with minimal deviation in prices of 30 basis points (BPS) or less, children Says.
The USDE price fell from about $ 1 to $ 0.65 in Binance during the crash because the exchange uses Oracle data from its own orderbook, with thinner liquidity, rather than an external price feed, Young said. He added:
“The extreme difference -the price variety is separated somewhere, referring to the Oracle index in its own orderbook, not the deepest liquidity pool, and faced with deposit and deposit issues during the event, which does not allow market makers to close the loop.”
“No one has been lying in any currency market with oracles that determine the deepest pool of liquidity for USDE worldwide,” he said.
Crash on the market on Friday triggers the largest 24-hour event in the crypto history event, creating a cascade that eliminates $ 20 billion in open positions, which can only represent The end of the iceberg In terms of financial injury, some traders say.
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Entrepreneurs wonder if USDE DEPEG is a coordinated attack
Crypto trader elontrades haka -haka That the USDE Defegging event in Binance is a coordinated attack that exploits the “United Account” feature in Binance that allows users to post possessions such as USDE as collateral.
This feature uses Binance’s own ornamental data instead of external prices of oracles, described by Elontrades as a “major weakness” and an issue announced by the exchange to fix it on October 14 by pivoting data from external oracles.
Attackers took advantage of the window of this time, dropping up to $ 90 million USDE in Binance, lowering its price to $ 0.65 in the exchange, and ignoring a platform outflow up to $ 1 billion.
At the same time, the attackers opened short positions in Bitcoin (Btc) and ether (Eth) In Hyperliquid continued futures decentralized exchanges, minutes before the announcement of Friday’s tariff from US President Donald Trump sent entrepreneurs to the full panic and crypto market to a melting.
Attacks then netted about $ 192 million income from their short positions, as the collapse from Binance exploited the spread through the crypto markets, which was lying about $ 20 billion due to a $ 100 million position, the elontrades were thinking.
The extermination event pushed Kris Marszalek, CEO of Crypto.com Exchange, to Call for an investigation of exchanges that have experienced large losses.
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