- OKX CEO blamed Binance’s USDe marketing campaign and collateral guidelines for the October 10 crash
- Critics disputed the timeline, saying Bitcoin fell earlier than USDe moved on Binance
- API outages and broader market stress worsened value dislocations through the selloff
The October 10 crypto market crash stays disputed as alternate leaders supply differing explanations. OKX and Binance now current opposing views. The talk facilities on threat controls, timing, and market construction through the selloff.
OKX CEO Blames Advertising and Danger Construction
OKX CEO Star mentioned the October 10 occasion was not unintentional. He said it was pushed by “irresponsible advertising” tied to USDe. His feedback have been made months after the crash.
In response to Star, Binance launched a short lived marketing campaign providing 12% APY on USDe. On the similar time, USDe was handled like main stablecoins. It was accepted as collateral with out strict limits.
OKX vs Binance over the October 10 crash🚨
– OKX’s CEO goes public
The CEO of OKX (Star) breaks the silence months later:
“10/10 was not an accident. It was attributable to irresponsible advertising.”
Binance created a threat loop that broke the market.
– OKX’s model of occasions… pic.twitter.com/Edj0Dfo9LL
— StarPlatinum (@StarPlatinum_) January 31, 2026
Star mentioned USDe differs from conventional stablecoins. He described it as a tokenized hedge fund product from Ethena. He mentioned advertising blurred this distinction for customers.
Business Debate Grows Over Alternate Danger Controls and Market Stability
In response to Bitcoin Information, OKX founder Star Xu mentioned Binance’s leverage construction drove the October 10 market collapse. He described the occasion as a man-made disaster tied to aggressive development techniques.
OKX EXCHANGE CEO BLAMES BINANCE “LEVERAGE LOOP” FOR CATASTROPHIC 10/10 MARKET COLLAPSE
Star Xu, Founding father of OKX, argues that the ten/10 crash was a man-made disaster fueled by Binance’s aggressive push for market dominance.
The difficulty started when Binance formally built-in USDe,… pic.twitter.com/oz8K2aI38R
— Bitcoin Information (@BitcoinNewsCom) January 31, 2026
Star mentioned Binance built-in USDe into its core programs and promoted it with a 12% APY marketing campaign. He mentioned Binance handled USDe like money collateral, although it’s a artificial greenback product.
He added that customers looped USDe into leveraged trades, which inflated threat. When liquidations started, pricing failures brought about a pointy depeg on Binance.
Critics Query Timing and Motives
Dragonfly founder Haseeb Qureshi challenged OKX’s account. He mentioned the timeline doesn’t assist the declare. Bitcoin costs bottomed earlier than USDe moved on Binance.
Qureshi mentioned trigger and impact didn’t align. He said, “This story is ridiculous.” He additionally questioned why the problem surfaced months later.
Qureshi famous that market information had been public for months. Order books have been broadly reviewed after the crash. He urged the feedback could mirror a broader dispute.
Broader Market Stress and Open Questions
Different components affected markets that day. Stories of tariff threats from former President Donald Trump added strain. Crypto markets have been open whereas others have been closed.
On the similar time, Binance APIs skilled outages. Market makers couldn’t rebalance positions. Value gaps widened throughout buying and selling pairs.
No single rationalization has resolved the October 10 crash. Market contributors agree losses have been extreme. The occasion continues to boost questions on threat administration.