š„ The Biggest Manipulation in Crypto History ā $20B Liquidation
On Friday, crypto faced one of the largest manipulations ever ā a $20B liquidation that wiped out thousands of traders on Binance.
Letās see what happened š
The key player is Winterm, Binanceās in-house market maker, already linked to shady moves before. Just hours before the crash, it sent $700M to exchanges, including $200M in BTC. Then ā order books on Binance suddenly lost all buy walls.
Data from Resonance shows this wasnāt random. Who pulled the walls? Did someone know what was coming?
Selling pressure exploded:
⢠11:00 candle ā 2,000 BTC sold
⢠12:00 ā 12,000 BTC
⢠Even 1-min candles hit 1,000 BTC
With no resistance, Bitcoin dropped to $108K, triggering cascade liquidations.
At that moment, Binanceās market maker removed the last walls ā the price collapsed.
Traders on other exchanges could still manage positions, but on Binance something bizarre happened: Buttons for opening, closing, or setting stop-losses stopped working, while forced liquidation worked perfectly.
In short ā no stop-losses, no manual exit. Only liquidation.
Instead of losing 1ā2%, traders lost their full balance, adding more pressure to the market.
Now Binance faces lawsuits and investigations. The exchange already admitted partial fault, but the damage is done.
The biggest manipulation in crypto history has just happened ā and it all started on Binance.