Former Binance CEO Changpeng “CZ” Zhao denies allegations that Binance caused the largest liquidation event in crypto history on Oct. 10, wiping out roughly $19 billion in positions. Zhao, who stepped down in 2023, was later pardoned by former US President Donald Trump. He now oversees YZi Labs, managing $10 billion in assets.

During the Oct. 10 crash, Binance faced scrutiny after a sharp depeg of Ethena’s USDe stablecoin on the exchange. USDe briefly dropped from its $1 peg to $0.65 on Binance due to an internal oracle issue. Following the incident, Binance compensated affected users about $283 million, but crypto prices have struggled to recover.

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Read more at Cointelegraph: CZ Rejects Claims Binance Fueled Historic Crypto Liquidation Crash