This article is an open letter initiated by X user @edisonzz, which was published on February 5th and quickly sparked widespread discussion, currently reaching over one hundred thousand views and widely circulated across the community.

After the margin call catastrophe, Binance announced compensation for affected users under public pressure. However, as the payout process progressed, an increasing number of controversies surfaced—each backed by concrete evidence, directly pointing to Binance's negligence and dereliction of duty.

1011 liquidation amount set a record. The following are real user loss reports from various levels and trading scenarios. All cases are sourced directly from user whistleblowing, rights protection group communication records, public sharing on social platforms, and exclusive tip channels for this special topic.

Amid the intense volatility in the crypto markets on October 11, OKX founder and CEO Star has publicly pointed out that the event is tied to the design of activities surrounding USDe on Binance and the resulting structural leverage; meanwhile, Dragonfly partner Haseeb directly refuted this assessment, arguing that the narrative fails to hold up both chronologically and across cross-exchange impacts. CZ and Guy Young, founder of Ethena, have also joined the discussion surrounding this incident.

Nearly three months after the 1011 incident, its repercussions continue to unfold, triggering an unprecedented reputational crisis for Binance and its founder, Changpeng Zhao.