Binance’s ecosystem token BNB reached a new all-time high on Monday, outperforming the wider cryptocurrency market, which is still recovering from $19 billion in liquidations over the weekend.
The BNB (BNB) token rose to a new all-time high of $1,370 on Monday, according to CoinMarketCap data, rebounding strongly after a weekend crash that triggered the forced liquidations across exchanges.
The rally came despite heavy criticism from Binance users who blamed the exchange for contributing to the market chaos after technical glitches left traders unable to exit positions.
“I’m done with Binance. They shut down their system during a major market crash, leaving me unable to close my futures positions,” said crypto trader SleeperShadow in a Saturday X post.
Binance co-founder Yi He called these false allegations, pointing to wider market conditions as the main reason behind the crash.
“According to data statistics, the proportion of forced liquidation amounts processed by the Binance platform relative to total trading volume was at a normal low level, indicating that this fluctuation was primarily driven by the overall market conditions,” she wrote in a Sunday X post.
While some of the platform’s “modules” experienced “brief lags,” Binance’s core contracts, spot matching engines and trading API “remained stable,” the post said.
Binance distributed $283 million worth of funds to compensate users affected by these platform glitches, according to a Sunday announcement.
Related: Ethereum layer 2s outperform crypto relief rally after $19B crash
Some CEXs are “underreporting” user liquidations: Hyperliquid founder
Adding to investor concerns, some centralized cryptocurrency exchanges (CEXs) may be “underreporting” the magnitude of user liquidations, according to Jeff Yan, CEO and co-founder of decentralized exchange (DEX) Hyperliquid.
“Some CEXs publicly document that they dramatically underreport user liquidations,” said Yan in a Monday X post.
“For example, on Binance, even if there are thousands of liquidation orders in the same second, only one is reported. Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions,” he added.
Related: DeFi booming as $11B Bitcoin whale stirs ‘Uptober’ hopes: Finance Redefined
Wintermute transferred $700 million in Bitcoin before market crash
Following the crypto market crash, some industry watchers blamed cryptocurrency market makers.
Notably, crypto market maker Wintermute transferred about $700 million worth of Bitcoin (BTC) to Binance just hours before the crash, according to popular crypto analyst Merlijn The Trader.
“Hours before the dump: Wintermute moved $700M to Binance. […] Then, bang. At $108K, liquidation velocity hit max speed. Buttons froze. Stops failed,” wrote the analyst in a Monday X post.
The selling patterns of market makers have been closely watched since February’s $2.24 billion crypto liquidation event, which saw large-scale selling from multiple market participants, including market makers.
The crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, according to Evgeny Gaevoy, the founder of Wintermute.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
