Black Saturday of the crypto market: what happened on October 11
13.10.2025
On October 11, the cryptocurrency market suffered the largest crash in its history – daily liquidations exceeded $19 billion, while total market capitalization fell by nearly $660 billion. According to CoinGecko, Bitcoin dropped below $111,000, and on Binance briefly traded near $102,000. Ethereum fell to $3,700, while top-10 altcoins – XRP, Solana, and Dogecoin – lost around 20% of their value.The decline triggered a surge of panic: the Fear and Greed Index fell to 24 points, signaling “extreme fear.” Experts linked the start of the sell-off to a post by U.S. President Donald Trump, who on October 10 announced a potential 100% tariff on Chinese imports starting November 1. This first hit the stock markets – Nasdaq and S&P 500 fell 3.5% and 2.7% respectively – and soon the pressure spread to crypto assets.The hardest hit were Binance and Hyperliquid exchanges. More than 1.6 million traders saw their positions liquidated in just one day. Some market participants suggested that the mass closures on Binance might have been part of a “coordinated attack.” Journalist Colin Wu reported that attackers exploited a vulnerability in the Unified Account feature, which allowed using the stablecoin USDe as collateral.Binance acknowledged that it priced USDe not through external oracle data but based on its internal order book, temporarily losing pricing accuracy. Attackers took advantage of this by dumping about $90 million in USDe onto the market, causing a temporary depeg from the dollar and triggering over $1 billion in liquidations. Tokens bnSOL and wBETH were also affected.At the same time, Binance announced it would compensate losses caused by internal technical issues and, by October 13, had already reimbursed users $283 million. The company denied any link between the USDe incident and the broader market crash. Analysts also noted that the USDe depeg occurred after the sharp market drop and was likely caused by poor liquidity in the derivative token wBETH.The events of October 11 demonstrated how interconnected traditional financial markets and the crypto industry remain. A single political decision or technical glitch can trigger a domino effect, wiping out billions of dollars within hours.