VanEck: October 10 is the "big exam day" for CEX, as there are systemic vulnerabilities in the crypto market infrastructure.

[VanEck: October 10th is the “big test day” for CEX, as there are systemic vulnerabilities in the crypto market infrastructure] VanEck released the October 2025 crypto monthly review report, which points out that there is always a day in every cycle when the infrastructure is put to the test. October 10th is the “big test day” for CEX. This exchange accounts for approximately 30-40% of the global Spot and futures trading volume. During the most severe fluctuations, the prices of various assets deviated from their redemption values—including the USD stablecoin (-35%) and wBETH (with a temporary fall of 90%). The catalyst was a $90 million market sell order that impacted the internal order book of the CEX, which also provides data for pricing its oracle. Due to the lack of external references, the price collapse became self-reinforcing. The trading engine experienced delays of about 100 minutes under high load, with thousands of traders reporting “orders were rejected,” and liquidity providers unable to intervene, leading to severe price dislocation. CEX has launched an Automatic Deleveraging (ADL) system that forcibly closes profitable positions to cover losses. Unlike the clearing member system in traditional markets, the crypto market lacks this “buffer layer,” making ADL the last algorithmic safety valve. Although CEX still has over 1 billion USD in reserves, the trigger logic for ADL is based on price rather than human judgment.