Cryptus Exchange OK published data on the stability of its trading infrastructure during the sharp market decline on October 11. According to an exchange representative, the median order execution time during the period of maximum volatility was 3 milliseconds, and the system functioned without interruption.
Confidence isn’t born in calm markets. It’s proven in chaos. Our system remains absolutely reliable: a median order latency of 3 ms, zero downtime, everything works as expected. Volatility reveals who’s truly worth what. We’re built for moments like these, the account says. OK in the X network, which is banned in Russia (former Twitter).
According to OKThroughout the period of market turbulence, users did not experience any order failures or price distortions, and trading operations continued as normal.
According to estimates from the analytical resource CoinGlass, on October 11, the digital asset market experienced one of the largest declines in history: in one day, the volume of liquidations exceeded $19 billion, and the total market capitalization of the sector decreased by almost $660 billion.
The sell-off was triggered by US President Donald Trump’s announcement to impose 100% tariffs on Chinese goods. This sparked renewed concerns about a slowdown in global trade and triggered a massive sell-off of risky assets, including cryptocurrencies.
Along with macroeconomic factors, the market faced infrastructure disruptions. In particular, users of the largest platform Binance reported incorrect price display for several altcoins, including IoTeX (IOTX), Cosmos (ATOM), and Enjin (ENJ). The exchange subsequently acknowledged the error, which temporarily caused prices to appear close to zero.
A number of experts attribute the depth of the market decline to the vulnerability of the price oracle. Binance, which used internal spot data for a number of tokens: USDe, wBETH, and BnSOL. The attack, according to preliminary data, occurred during the system’s transition to an updated version. oracleThe sharp decline in the USDe price following the sale of approximately $60 million triggered a de-pegging from $1 and a decline to $0,65, triggering a cascade of liquidations in related assets.
After the incident Binance announced a $300 million compensation program and the creation of a $100 million fund for institutional clients and ecosystem projects. The exchange also announced $283 million in payments to users who suffered losses from the collapse of USDe, wBETH, and BnSOL tokens.