Bitcoin News said in a post on X that Binance co-founder Changpeng Zhao, known as CZ, described the accusations tied to the incident as "far-fetched." Binance gave a specific sequence of events, saying Bitcoin hit its low at 21:20 UTC and that the depeg started later, at 21:36 UTC. That timeline was challenged by Haseeb Qureshi of Ethena and Dragonfly, who said the sequence did not line up. Star Xu also weighed in, saying Bitcoin fell first and that a leverage loop then made the decline worse. The exchange of views centers on timing, with different market figures disputing whether the depeg followed Bitcoin’s bottom or whether the order of events was being mischaracterized.
Odaily reported that Bitcoin News said in a post on X that CZ called the related accusations "far-fetched."
Binance said Bitcoin bottomed at 21:20 UTC, while the depeg event began at 21:36.
Haseeb Qureshi of Ethena and Dragonfly said that timeline did not match up.
Star Xu replied that Bitcoin fell first, and that a leverage loop worsened the decline afterward.
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