Binance Wallet Crash Ends TGE as 116,000 BNB Flood Network

- Binance Wallet users see zero balances amid network congestion. - Oversubscribed Token Generation Event (TGE) strains platform, causing outage. On October 13, 2025, Cryptopolitan reported a temporary disruption for Binance Wallet users that made their balances and transaction data invisible. The outage lasted for approximately 30 minutes, during which affected users could not conduct swaps or transfers through the web or mobile applications. As a result, some traders reported financial losses because they could not sell their assets amidst volatile price movements. Binance attributed the issue to network congestion from its Yield Basis Token Generation Event (TGE), as investors poured more than 116,000 Binance Coins (BNB) into the heavily oversubscribed event within the first five minutes, placing exceptional strain on the system. In response, Binance actively worked to resolve the disruption, and most users saw their balances and transaction data resynchronize after they refreshed or re-logged into their accounts. Meanwhile, Changpeng Zhao (CZ), the founder of Binance, addressed accusations from critics on social media suggesting potential market manipulation. He emphasized the transparency of Binance Coin (BNB) price movements and clarified that Binance does not use external market makers to stabilize BNB’s value. Despite the outage and criticism, Binance Coin reached an all-time high above $1,360 during the volatile trading period before retreating. According to CoinMarketCap on October 13, Binance Coin (BNB) was trading at $1,280.24 as of 16:08 UTC, with its 24-hour trading volume down 1.69%.