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Conflux: 1011 plunge or a premeditated attack on Binance and its main market makers

Internet reports that Conflux Forgiven published an article on X speculating that the 1011 plunge was a premeditated attack on Binance and a major market maker of Binance, and Achilles 'heel lies on the issue of Binance's unified account contract margin. In addition to the normal U-standard and currency standard margin, Binance has also opened up the option of using POS derivatives and financial stablecoins as unified margin. The three most seriously attacked margin targets this time were USDE, WBETH and BNSOL. These three targets are used as margins for the unified account, and the clearing price is based on Binance's own spot price, rather than a rigid anchor. BFUSD, which is also a unified margin, is rigidly anchored, and the oracle price of Aave to USDE on the chain is also fixed at 1:1, but there is no large-scale liquidation phenomenon. In the case of a general decline in Bitcoin and copycat prices, there is a high probability that contract traders will lose money. On the basis of the decline in the currency price, the currency standard margin will be significantly decoupled from the local currency. The minimum USDE is 0.65, the minimum WBETH is 0.2, and the minimum BNSOL is 0.13. Even a hedging portfolio will not be able to guarantee positions due to the significant reduction in the margin, which will trigger a series of stampede on most of the contract positions in Binance and the clearing of these three targets. Another piece of evidence that this was a premeditated and planned attack is that this time point was very delicate. It was just after the Binance adjustment oracle price announcement. Before the actual adjustment occurred, the announcement should be October 6, and the actual adjustment should occur on the 14th.

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