The Binance Playbook: Why Crypto Twitter Hates the Biggest Exchange?

Crypto Twitter is angry again. This time, the target is familiar: Binance, the world’s largest crypto exchange, and its co-founder Changpeng Zhao (CZ). Over the past few days, major allegations have taken over Twitter (or X) timelines, with some users calling him “a scammer” and demanding he be “sent back to prison.” So what is actually behind the latest accusations, and how much of it is supported by verifiable evidence? The October Market Crash: What Happened? One of the most serious allegations facing Binance dates back to October, during what later became known as “Crypto Black Friday.” On October 10, US President Donald Trump announced 100% tariffs and export controls targeting China. The announcement immediately rattled global markets, sending risk assets sharply lower. Crypto was no exception. BeInCrypto reported that Bitcoin fell around 10%. Major altcoins followed suit: Ethereum (ETH), XRP (XRP), and BNB (BNB) each declined by more than 15%. Crypto Market Crash on October 10. Source: TradingView Within 24 hours, more than $19 billion in leveraged positions were liquidated, marking the largest liquidation event tracked by crypto data analytics firm CoinGlass. Initially, the crash was widely viewed as a market-wide panic triggered by macroeconomic news. However, market participants soon began to question whether the collapse was purely organic. On social media, traders speculated that the scale and speed of the liquidations suggested something more coordinated than a standard sell-off. Attention soon turned to Binance. Why Binance Became the Focus During the sharpest phase of the crash, Binance users reported frozen accounts and failed stop-loss orders, and difficulties accessing the platform. Some traders also pointed to brief flash crashes that pushed assets, such as Enjin (ENJ) and Cosmos (ATOM), to near zero. BeInCrypto reported that three Binance-listed assets, including USDe, wBETH, and BNSOL, temporarily lost their pegs amid the turmoil. Binance pub...