PANews reported on October 12th that Meta Financial AI published an analysis on the X platform stating that Binance was not the initiator of the sell-off and panic, and that the exchange's infrastructure faced one of the largest sell-offs in history. However, the analysis found that during the market decline, Coinbase allegedly sent trades that could not be executed on the platform to other exchanges through market makers. All of Binance's cold wallets are public, and there was no "selling high and buying low" behavior in these wallets. In addition to the Bitcoin wallet, Binance's other major asset wallets were also inactive.

Furthermore, rumors that CZ, the largest BNB holder, was selling his holdings appear to shift the blame for the market downturn onto external parties. Neither CZ nor any wallets associated with him engaged in any significant sales activity. However, analysis revealed that Coinbase transferred 1,066 Bitcoins from its cold wallet to its hot wallet before the market crash. Furthermore, analysis of single transactions exceeding 500 BTC over a 24-hour period revealed that Binance had the least amount of sales. He Yi reportedly responded to the related analysis by saying, "I've learned something."