Binance has released a report analyzing the market crash on October 11, 2025, identifying macroeconomic shocks, market maker risk controls, and Ethereum network congestion as primary causes. The report clarifies that technical issues on the platform were not responsible for the crash. Notably, the de-pegging of tokens USDe, BNSOL, and WBETH occurred after the most volatile period, with 75% of liquidations happening prior. The report acknowledges two technical glitches: a 33-minute performance degradation in the asset transfer subsystem during a sell-off, and abnormal index deviations due to thin liquidity and on-chain congestion. Despite these issues, Binance's core systems remained stable, and the glitches did not contribute to the market turmoil.