According to ChainCatcher, crypto KOL and co-founder of Primitive Ventures Dovey posted on social media that he speculated that the recent market crash was caused by a large institution (possibly a traditional trading company using cross-margin trading) that had its positions liquidated on the Binance platform.
While further analysis is needed, preliminary observations indicate that the price of USDe on Binance plummeted to as low as 0.6, while prices on other exchanges remained relatively strong. Furthermore, there has been a significant divergence in volatility between tokens listed on Binance and those not.
