Insights from Binance's Richard Teng on the Crypto Nightmare of '10/10'
Every crypto exchange saw liquidations during the Oct. 10 liquidation event, Richard Teng shared at CoinDesk's Consensus Hong Kong.
Binance's Richard Teng shed light on the '10/10' nightmare that shook the crypto world during a recent talk at CoinDesk's Consensus Hong Kong. Teng's insights offered a glimpse into the challenges faced by crypto exchanges during the tumultuous period.
'The Oct. 10 liquidation event sent shockwaves through the industry, impacting every exchange,' Teng remarked. 'It was a stark reminder of the volatility and risks inherent in the crypto market.'
Teng highlighted the importance of risk management and preparedness in dealing with such sudden market movements. He emphasized the need for exchanges to have robust mechanisms in place to handle large liquidations and market fluctuations.
As the crypto space continues to evolve, incidents like the '10/10' nightmare serve as crucial learning experiences for industry players.