The price of the WBTC/USDT trading pair on Binance crashed, and the price once fell to 5209 USDT

Around 22:30 on November 23, the price of the WBTC/USDT trading pair on Binance experienced a flash crash, with the price temporarily dropping to 5209 USDT before quickly recovering to normal levels. The 15-minute trading volume also surged from the usual less than 1 WBTC to 88.6 WBTC. The flash crash was likely due to the low liquidity of the trading pair, which led to price abnormalities when a large market sell order was placed. Some community members also speculated that hackers may have used this low-liquidity trading pair to conduct wash trading for money laundering, but Binance has not yet issued an official announcement to explain the incident. Similar situations have occurred previously on Binance for other niche trading pairs such as BNB/USDC, WBTC/BTC, and ARB/TUSD.