October 10, 2025. The world’s financial nerves get a hard shove when Donald Trump drops a 100% tariff bomb on Chinese imports.
Stocks wobble, cryptocurrencies shake, and traders? They get caught in a $20 billion demolition derby of forced liquidations. Experts said this was a real red day.
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Dark sorcery of market manipulation?
Chaos swept through big-name exchanges like Binance, where dashboards froze, stop-loss orders laughed in the face of logic, and some tokens flirted briefly with zero-dollar prices.
Traders couldn’t tell if this was a system meltdown or some dark sorcery of market manipulation.
Kris Marszalek, Crypto.com’s CEO, stepped into the ring calling for an independent investigation.
Regulators should look into the exchanges that had most liquidations in the last 24h and conduct a thorough review of fairness of practices. Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?… pic.twitter.com/UCD6iKuKFQ
— Kris | Crypto.com (@kris) October 11, 2025
Billions of user funds evaporated overnight, and he insists regulators need to step up and shield hapless traders from this no-prisoners carnage.
No winners
And he’s not alone. OKX’s CEO Star Xu threw some shade Binance’s way. According to him, Binance’s knack for pumping prices, juggling multiple identities, and selling hype like carnival barkers only erodes trust in crypto.
How’s everyone’s life going?
I’m not here to mock anyone — I just want to speak one last time about the topic of “XX Life.”Everyone’s life is full of drama and brilliance, and every exchange has its own style and philosophy.
But I’ve always believed this: neutrality for a…— Star (@star_okx) October 11, 2025
Xu’s words echoed past scandals, like FTX’s implosion, the sh*tshow where Binance allegedly pulled strings that helped topple a rival.
His takeaway? There were no real winners, just an industry-wide dumpster fire ignited by market warfare.
Crypto experts like Wu Blockchain suggest the crash might have targeted weaknesses in Binance’s flashy Unified Account system.
This playground lets users pledge all sorts of tokens as collateral for big-league trades. Trouble? You bet!
When these tokens lost their value, USDE dived to 65 cents, wBETH to 20 cents, and BnSOL to 13, the system’s margin calls snowballed, wiping out traders’ positions like a tsunami.
Battle royale
Adding fuel to the fire were algorithmic trading bots, which pounced like jackals, pushing prices further down with rapid-fire sell orders.
Wu Blockchain pointed out the suspicious timing, because attackers surprisingly had a perfect window between Binance’s announcement of price oracle changes and their rollout, hinting this chaos was plotted weeks in advance.
Social media exploded with complaints, as usual. Hundreds of users couldn’t trade, withdraw, or even stop their losses.
Binance apologized, blaming “extraordinary market turbulence and user surges” for “disrupted operations,” pledging to review claims from traders who suffered technical glitches, but not for those whose profits melted due to price swings.
Welcome to the crypto coliseum, where exchanges battle, traders bleed, and $20 billion evaporates amid accusations flying faster than the markets can crash. Battle royale.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: October 13, 2025 • 🕓 Last updated: October 13, 2025
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