Cathie Wood Retracts Claim That Binance Triggered Oct. 10 Crypto Crash

Ark Invest CEO Cathie Wood has publicly retracted her earlier assertion that a Binance software glitch directly caused the Oct. 10, 2024 crypto market crash. Wood acknowledged a software error occurred at the exchange but said it was not the catalyst for the massive deleveraging she previously estimated at roughly $28 billion. The clarification helps correct market narratives that may have unfairly damaged Binance’s reputation and influenced trading behavior. For investors, the retraction underscores that the crash was likely multi‑factor and not attributable to a single exchange failure, easing some exchange‑specific counterparty risk concerns while keeping broader volatility and systemic liquidity risks top of mind.