CZ Calls Blame ‘Far-Fetched’; Binance Says Depeg Began After Bitcoin Bottomed

The dispute is really about sequencing: Binance places the bitcoin bottom before the depeg began, while Ethena and Haseeb Qureshi argue the timeline does not add up, and Star Xu frames the move as bitcoin leading with leveraged loops amplifying it. That split matters because it determines whether the depeg is treated as a cause or a consequence of the broader selloff, which shapes how much responsibility attaches to any single venue or protocol. Whether the parties converge on a shared timeline, or keep litigating it publicly, is the open question.