The BNB token, closely linked to the Binance exchange, reached a new all-time high of $1,370 on Monday, even though the crypto market is still recovering from a $19 billion drop over the weekend. The rapid growth came amid technical problems, criticism, and speculation about data manipulation.
Record despite sell-off
BNB saw a sharp rise shortly after one of the biggest crashes of the year, which triggered forced liquidations across exchanges. While thousands of traders reported losses, the token from the Binance ecosystem still climbed to an all-time high of $1,370, as confirmed by data from CoinMarketCap.
During the weekend slump, a wave of criticism was directed at Binance. Some traders claimed that technical difficulties prevented them from closing their futures positions. However, exchange co-founder Yi He rejected the accusations, saying that key systems remained functional and the problems were only temporary. Users affected by the outage received $283 million in compensation.
Suspicions of distorted liquidation data
Investors’ concerns were further heightened by allegations from Jeff Yan, founder of the DEX platform Hyperliquid, who claims that some centralized exchanges deliberately understate liquidation data. According to him, Binance and other platforms may present losses on a smaller scale than they actually occurred in order to alleviate panic among traders.
The tense situation was exacerbated by the activity of market maker Wintermute, who sent $700 million worth of Bitcoin to Binance shortly before the crash. This transfer sparked speculation about possible links between market makers and the market crash. The cryptocurrency sector thus remains on alert — even though BNB is currently shining, volatility and a lack of transparency raise concerns that a similar shock could happen again at any time.
