Today's Top Crypto Headlines:

CZ Pardon Considered | Binance Blames Glitch | Bitcoin Fear Spike | Trader Shorts Again and more...

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King Fatrick Gil Añasco
October 13, 2025

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Good Morning Crypto Enthusiasts!

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  1. CZ Pardon Considered: Reports suggest the Trump administration is considering pardoning former Binance CEO Changpeng “CZ” Zhao, who served four months for a Bank Secrecy Act violation. Supporters call his case overblown, while critics warn of political backlash.

  2. Binance Blames Glitch: Binance attributed token price drops to a “display issue,” not a crash, after reducing decimal places for some pairs. The glitch coincided with $20B in global liquidations and USDe’s depeg to $0.65.

  3. Bitcoin Fear Spike: Bitcoin plunged to $102K after Trump’s 100% tariff announcement on China, flipping sentiment from “Greed” to “Fear.”

  4. 💡Feature of the Day - Trader Shorts Again: A trader who made $192M shorting Bitcoin before Trump’s tariff news opened another $163M short, sparking insider speculation. Binance denied internal issues and compensated users, but the event renewed calls for stricter oversight in crypto trading.


    All this and more in today’s headlines!

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📰 News Highlights:

CZ Pardon Considered [Source][Source][Source][Source]

The Trump administration is reportedly weighing a pardon for former Binance CEO Changpeng “CZ” Zhao, who recently completed a four-month prison sentence for violating the Banking Secrecy Act.

The White House allegedly views the case as weak and is leaning toward leniency, though insiders warn of the political “optics” of pardoning a major crypto figure.

Zhao, who remains Binance’s largest shareholder, said the pardon would be “great news” and stressed that his charge was not for fraud but a single AML violation. His plea deal in 2023 included stepping down as CEO and paying a $50 million fine, while Binance paid $4.3 billion.

The reported consideration comes amid Trump’s broader pro-crypto stance, which has included pardoning figures like Ross Ulbricht and advancing industry-friendly legislation.

However, critics caution that the move could raise questions about favoritism given Trump’s personal crypto ventures. Many in the industry view CZ’s prosecution as an overreach, contrasting his non-fraud charge with Sam Bankman-Fried’s multiple felony convictions.

The final decision is pending, but the case continues to spotlight the evolving relationship between Washington and the crypto industry.

Binance Blames Glitch [Source][Source][Source][Source][Source][Source][Source]

Binance clarified that a “display issue” — not a real crash — caused several tokens, including Cosmos and IoTeX, to appear to drop to zero during a chaotic market day. The glitch stemmed from a technical adjustment reducing decimal places for certain trading pairs, making tiny price values unreadable on the interface.

This occurred amid a record-breaking $20 billion in crypto liquidations, marking the worst 24-hour wipeout in history. The confusion deepened when Ethena’s USDe stablecoin briefly lost its peg to $0.65 on Binance, triggering massive forced liquidations for users using it as collateral.

Some traders speculate the USDe depegging was part of a coordinated exploit targeting Binance’s “Unified Account” feature, which relied on internal price data instead of external oracles.

This potential manipulation may have caused over $1 billion in Binance-specific liquidations. Binance later compensated affected users with $283 million and reaffirmed plans to upgrade its price data system.

Despite its response, calls for regulatory scrutiny grew louder, with Crypto.com’s CEO urging investigations into exchange transparency and anti-manipulation measures.

Bitcoin Fear Spike [Source][Source][Source][Source][Source]

Bitcoin’s sudden drop to $102,000 after President Trump’s announcement of 100% tariffs on Chinese imports sent shockwaves through the market, flipping sentiment from “Greed” to “Fear.”

The Fear & Greed Index plunged from 64 to 24, its lowest in six months, reflecting mass panic and record liquidations exceeding $19 billion.

Donald J. Trump (@realDonaldTrump)

It has just been learned that China has taken an extraordinarily aggressive position on Trade in sending an extremely hostile letter to the World, stating that they were going to, effective November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software.It is impossible to believe that China would have taken such an action, but they have, and the rest is History. Thank you for your attention to this matter!DONALD J. TRUMPPRESIDENT OF THE UNITED STATES OF AMERICA 

truthsocial.com/@realDonaldTrump/posts/115351840469973590

Analysts say the tariffs, framed as retaliation for China’s rare earth restrictions, triggered a global selloff across risk assets. The collapse marked one of the most dramatic single-day mood shifts in recent crypto history.

Despite the fear, analysts at Bitwise see this as a contrarian buy signal, noting sentiment levels not seen since mid-2024’s market unwind. They argue that the panic-driven selloff is emotional rather than fundamental, potentially signaling a price floor.

Bitcoin had just reached a new all-time high of $125,100 days prior, but analysts noted the rally lacked the usual hype, suggesting more stability in the market’s foundation.

Many believe the sharp drop could set the stage for a faster recovery once trade tensions cool.

💡 Feature of the Day: 

Trader Shorts Again [Source][Source][Source][Source][Source][Source]

A mysterious trader who earned $192 million shorting Bitcoin minutes before Trump’s tariff announcement has opened another massive bearish position.

The whale, identified as wallet 0xb317 on Hyperliquid, reportedly opened a $163 million short using 10x leverage and is already up $3.5 million.

Their perfect timing has fueled speculation of insider knowledge, with some calling them an “insider whale.” The trader’s positions coincided with one of crypto’s biggest market crashes, which erased billions in value and wiped out hundreds of leveraged traders.

Observers argue this highlights the risks of unregulated markets, where large players can manipulate outcomes without oversight. Others suspect the whale’s trades may have helped trigger cascading liquidations across exchanges.

Binance, which was blamed for the meltdown, denied any internal failure, attributing issues to a “display glitch” instead.

The exchange has since compensated affected users and seen its native BNB token rebound 14% to above $1,300. Still, the incident reignited calls for tighter transparency in crypto derivatives trading.

😂 Crypto Meme of the Day: 

Meme of the day provided by @TheRicanMemes

And that’s it for this today.

See you all tomorrow’s edition!


Jonathan Gibson
UseTheBitcoin.com