Wood Alleges Binance Glitch, CZ Reacts
Prominent investor Cathie Wood alleged on Fox News Business that a software glitch on the Binance exchange caused a crypto market deleveraging and correction on that date. Binance CEO Changpeng Zhao (CZ) unfollowed her on X following her public statements, an action reported by WuBlockchain, citing GmGn. Wood, a notable figure in finance and crypto, did not provide specific technical details or evidence for the alleged glitch. The $28 billion figure refers to the capital Wood suggested was liquidated from leveraged positions due to the purported software anomaly.
Binance's Market Context
The exchange reportedly holds approximately $47.5 billion in $USDT and $USDC, accounting for about 65% of stablecoin reserves tracked on centralized exchanges.
Community Debates Glitch vs. Manipulation
One post detailing CZ unfollowing Wood registered a sentiment score of -13, with 53 likes and 6,501 views. Several community discussions attributed widespread market turbulence to alleged manipulation by entities like Jane Street, rather than a Binance software glitch. Social media posts discussing Jane Street's alleged role in the "10/10 crash" showed mixed sentiment, with scores ranging from highly positive (65, 91) to moderately negative (-47, -93), alongside neutral discussions (8, 15). Some users suggested an apology was due to CZ and Binance in light of the Jane Street allegations (sentiment scores of 65, 8, 45, 38, 15, 91, 16, -4).
Binance's Post-Crash Recovery Fund
Following the market events, Binance deployed a $400 million recovery fund and support package. A social media reference to this action garnered a positive sentiment score of 45, with 326 likes and 37,801 views.