Binance's Big Weekend: What Went Wrong?

This weekend, the crypto world witnessed some serious drama. Binance, one of the biggest names in the game, had a rough time. Their wallet service went haywire, showing users' balances as zero.

The Glitch That Caused Panic

This wasn't just a glitch in the matrix—it was a real issue caused by network congestion. The platform lagged, and users couldn't see their account details or prices. Binance reassured users that it was just a display problem and no money was lost. They're working to fix it, but it's a reminder of how fragile these systems can be.

Earn Program in Trouble

The trouble didn't stop there. Binance's Earn program also had issues. Three assets—USDE, BNSOL, and WBETH—lost their peg to the dollar. This caused transaction problems, but Binance stepped up and compensated users with a whopping $283 million.

Yi He, Binance's Chief Customer Service Officer, apologized and blamed it on market fluctuations and a surge in users.

Altcoins Drop to Zero

Some altcoins on Binance, like Cosmos and IoTeX, dropped to zero. They recovered, but it was a wild ride. Analysts think it might have been due to auto-liquidation or market makers pulling out.

The Crypto Crash

The crypto crash that started it all was massive. The global market cap dropped by over $400 billion, and almost $20 billion in positions were liquidated. Bitcoin alone fell by over 15%.

A Learning Experience

It's a tough time for crypto, but it's also a learning experience. These platforms need to be ready for anything, because when things go wrong, they go really wrong.