TechFlow reported that around 22:30 on November 23, Binance's WBTC/USDT trading pair experienced a flash crash, with the price briefly plunging to $5,209 before quickly returning to normal levels. The 15-minute trading volume surged from less than 1 WBTC under normal conditions to 88.6 WBTC.
Analysis suggests that due to insufficient liquidity in this trading pair, a large market sell order may have triggered the abnormal price fluctuation. The community has speculated that hackers might be exploiting low-liquidity trading pairs for wash trading and money laundering. Binance has not yet issued an official statement regarding the incident. Similar flash crashes have previously occurred on Binance's lesser-traded pairs such as BNB/USDC, WBTC/BTC, and ARB/TUSD.
