Conflux: The 1011 plunge could be a premeditated attack on Binance and its major market makers

Conflux Forgiven speculated in an X post that the 1011 plunge was a premeditated attack on Binance and a major Binance market maker, and the Achilles' heel was on the issue of Binance's unified account contract margin. In addition to the normal U standard and the coin standard can be used as margin, Binance has also released the option of POS derivatives and wealth management stablecoins as unified margin. The three most serious margin targets attacked this time are USDE, WBETH and BNSOL. These three targets are used as margin for the unified account, and the clearing price is based on Binance's own spot order price, rather than rigidly anchored. BFUSD, which is also used as a unified margin, is rigidly anchored, and the oracle price of Aave on the chain against USDE is also written at 1:1, but there is no large-scale liquidation phenomenon.
In the case of a general decline in bitcoin and counterfeit products, there is a high probability that traders in their own contracts will lose money, and on the basis of the falling price of the currency, the currency standard margin will be significantly off-anchored to the local currency, with a minimum of USDE of 0.65, a minimum of WBETH of 0.2, and a minimum of BNSOL of 0.13. Even if it is a hedging combination, it will not be able to guarantee the position due to the sharp shrinkage of the margin, thus triggering most of the contract positions of Binance and the liquidation of these three targets.
Another piece of evidence that this was a premeditated and planned attack is that the timing was very subtle, just after the Binance adjustment oracle price announcement, before the actual adjustment took place, the announcement should be on October 6th, and the actual adjustment should take place on the 14th.