Author: Hu Tao, ChainCatcher

Nearly three months later, the impact of the 1011 incident continues to ferment, even bringing an unprecedented reputational crisis to Binance and its founder, Changpeng Zhao.

In recent days, the crypto-related timeline on social platform X has been filled with a large number of criticisms and attacks against Changpeng Zhao, with many KOLs labeling him a "fraudster," and he is widely perceived to have experienced a "collapse of persona" and "backlash from the crowd."

The incident originated from a statement made by "Wood Sister" Cathie Wood during a program, where she pointed out that the recent drop in Bitcoin's high price was influenced by the $28 billion deleveraging event caused by a software failure at Binance on October 10. She analyzed that the current market selling pressure has basically ended, and as institutional investors focus on the turning point of the "four-year cycle," Bitcoin is expected to consolidate in the $80,000 to $90,000 range before ending its downward trend and regaining upward momentum.

In the previous 1011 incident, cryptocurrencies like Bitcoin experienced a sharp decline, with the total market capitalization of the global crypto market evaporating by over $500 billion, and the amount of leveraged positions liquidated exceeding $19 billion, marking it as the largest leveraged liquidation event in the history of the crypto industry. From a large number of ordinary users to many well-known market makers and VCs, significant losses were incurred during this event. One mainstream view suggests that the occurrence of this event is closely related to Binance's abnormal liquidation mechanism, and afterward, Binance modified the K-line trends of certain cryptocurrencies that experienced unusual fluctuations.

Due to Cathie Wood's profound influence in both traditional finance and the crypto field, as well as being an early investor in Coinbase and Bitcoin, her remarks have brought the painful situation of the 1011 incident back into the view of many crypto users, further aggravating investor sentiment in the currently sluggish crypto market.

Among the early voices, Leonidas, co-founder of Zap/Ord.io, is one of the most influential figures, who fiercely stated on Twitter that Changpeng Zhao is not only the biggest cryptocurrency fraudster in history but also the biggest fraudster in human civilization. The world has never seen such large-scale fraud, manipulation, and corruption as what Binance is currently exhibiting. Send this person back to prison!

Crypto trader Anglio also tweeted that CZ is the culprit behind the 10/10 liquidation case. Just because he wanted to stifle HYPE, he ended up stifling his own space. CZ is a thorough criminal. The comments section is filled with similar tweets like "You defraud others, ruin people's lives, destroy the market, yet still pretend to be a good person."

The focus of these statements is on the 1011 liquidation event, believing that Binance bears primary responsibility for this incident, yet has never publicly released an investigation report or acknowledged any issues. Meanwhile, many of the cryptocurrencies that Binance launched last year are in a state of significant decline, leading to heavy losses for investors. Therefore, Changpeng Zhao, as the largest shareholder of Binance, has become the target of their criticism.

Perhaps due to Binance's long-term accumulation in maintaining relationships with KOLs, and the information cocoon created by X's recommendation logic, such voices initially did not spread widely in the Chinese X circle. However, starting from the 28th, the enormous negative energy accumulated in English discussions inevitably spread to the Chinese X circle, and many well-known bloggers began to sharply criticize Binance.

Well-known crypto trader Chuanmu tweeted asking when Binance would apologize and compensate all users affected by the 10.11 incident, stating that Binance has been shifting attention and maintaining silence about that day to evade responsibility, while harvesting billions of dollars in assets from users and market makers, turning the entire industry into a Dubai fraud factory!

OKX founder Xu Mingxing also tweeted on the 28th that this incident has caused tangible and lasting damage to the industry. Leading companies in the industry should focus on strengthening core infrastructure, building trust with global users and regulators, and protecting the long-term interests of the company.

However, Binance founder Changpeng Zhao and He Yi have dismissed all external criticisms. Changpeng Zhao first linked many negative critical tweets to organized attacks, pointing out that some previously unfamiliar accounts concentrated on posting highly similar content in a short time, showing obvious characteristics of replication and amplification, indicating that the overall behavior is more akin to systematic operation rather than natural discussion.

Subsequently, Changpeng Zhao responded again to the criticism regarding the low quality of listed coins, stating that in any industry, most companies/projects will fail. A few successful cases will grow exponentially. No one can predict the future development of a project. Exchanges should try to give hardworking projects opportunities. Not every project on the exchange is one you should buy.

He Yi further connected these criticisms to changes in the era and conflicts of interest. "When pushing for change in the world, it is often accompanied by a lot of discussion, questioning, and differing voices. This is not unique to any one industry but is a recurring process in all structural changes throughout history," He Yi said. "The discussions surrounding the crypto industry and Binance are complex, involving emotional fluctuations brought about by market cycles, as well as differences in business competition and models."

Some KOLs also echoed the views of He Yi and Changpeng Zhao, such as Crypto Orange, who believes that this incident may be a stage in the competition between Eastern and Western crypto. Wood Sister has always been the mouthpiece of Western capital, and her remarks are often bolder, more direct, and exaggerated. During the Bitcoin surge, she publicly shouted for a million dollars, fueling the trend. She acts like a signal flare, and this time targeting Binance may also serve as a mouthpiece for some top Western capital.

However, in the current public opinion environment, completely shirking responsibility and attributing the problem solely to bot attacks and business competition has become a behavior that significantly lowers user goodwill. This not only fails to stop the related controversies but only amplifies investors' negative emotions further, and discussions related to this on the X platform continue to spread.

In a persistently sluggish market, investors tend to seek outlets for their negative emotions. For a long time, figures like Changpeng Zhao, as the largest vested interests in the industry, have not adequately shouldered their responsibilities, merely calling on everyone to HODL on Twitter, while being controversial in aspects like coin listing reviews and industry ecosystem construction. Thus, they quickly became the target of public opinion under the spark of this incident. However, demonizing Changpeng Zhao as the "biggest fraudster in the industry" while ignoring market cycles, user responsibilities, and platform scale effects seems rather unfair.

Ultimately, in this still wild-growing stage of the track, in this high-volatility, strong-cycle investment market, no one is a pure "savior," nor is anyone an eternal "demon."

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