It was reported that around 22:30 on November 23, the price of the WBTC/USDT trading pair on Binance experienced a flash crash, dropping to as low as 5209 USDT, before quickly recovering to normal; the trading volume in 15 minutes surged from the usual less than 1 WBTC to 88.6 WBTC. The reason for the flash crash may be due to the low liquidity of this trading pair, which caused price anomalies in the event of a large market sell order. Some community members speculate that hackers may be using this low liquidity trading pair for wash trading money laundering, and Binance has yet to release an official announcement explaining the situation. Similar occurrences have previously happened with niche trading pairs on Binance such as BNB/USDC, WBTC/BTC, and ARB/TUSD.
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The price of the WBTC/USDT trading pair on Binance experienced a flash crash, dropping to as low as 5209 USDT
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