Sowa
111 posts







No complexity. No accident. 10/10 was caused by irresponsible marketing campaigns by certain companies. On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we observed clearly that the crypto market’s microstructure fundamentally changed after that day. Many industry participants believe the damage was more severe than the FTX collapse. Since then, there has been extensive discussion about why it happened and how to prevent a recurrence. The root causes are not difficult to identify. ⸻ What actually happened 1.Binance launched a temporary user-acquisition campaign offering 12% APY on USDe, while allowing USDe to be used as collateral with the same treatment as USDT and USDC, and without effective limits. 2.USDe is a tokenized hedge fund product. Ethena raises capital via a so-called “stablecoin,” deploys it into index arbitrage and algorithmic trading strategies, and tokenizes the resulting fund. The token can then be deposited on exchanges to earn yield. 3.USDe is fundamentally different from products such as BlackRock BUIDL and Franklin Templeton BENJI, which are tokenized money market funds with low-risk profiles. USDe, by contrast, embeds hedge-fund-level risk. This difference is structural, not cosmetic. 4.Binance users were encouraged to convert USDT and USDC into USDe to earn attractive yields, without sufficient emphasis on the underlying risks. From a user’s perspective, trading with USDe appeared no different from trading with traditional stablecoins—while the actual risk profile was materially higher. 5.Risk escalated further as users: •converted USDT/USDC into USDe, •used USDe as collateral to borrow USDT, •converted the borrowed USDT back into USDe, •and repeated the cycle. This leverage loop produced artificial APYs of 24%, 36%, and even 70%+, widely perceived as “low risk” simply because they were offered by a major platform. Systemic risk accumulated rapidly across the global crypto market. 6.At that point, even a small market shock was sufficient to trigger a collapse. When volatility hit, USDe depegged quickly. Cascading liquidations followed, and weaknesses in risk management around assets such as WETH and BNSOL further amplified the crash. Some tokens briefly traded near zero. The damage to global users and companies—including OKX customers—was severe, and recovery will take time. ⸻ Why this matters I am discussing the root cause, not assigning blame or launching an attack on Binance. Speaking openly about systemic risks is sometimes uncomfortable, but it is necessary if the industry is to mature responsibly. I expect there may be significant misinformation and coordinated FUD directed at OKX in the near future. Even so, speaking honestly about systemic risk is the right thing to do—and we will continue to do so. As the largest global platform, Binance has outsized influence—and corresponding responsibility—as an industry leader. Long-term trust in crypto cannot be built on short-term yield games, excessive leverage, or marketing practices that obscure risk. The industry needs leaders who prioritize market stability, transparency, and responsible innovation—not a winner-take-all mentality where criticism is treated as hostility. Crypto is still early. What we choose to normalize today will determine whether this industry earns lasting trust—or repeats the same mistakes again.

一姐这话有点像当初我项目搞砸了又气又笑又想证明点什么的样子(这里没有说币安有搞砸了什么,只是说一种面对事情处理得不能让众人满意而自己觉得已经努力了的心态)。 我现实生活中自认为是一个类似萧峰义薄云天的人,几乎所有有困难找我寻求帮助的亲朋好友我都尽我所能的伸出援手了,有人曾经给我“开盒”过,有兴趣的朋友可以组队去我家乡百色/靖西,随时有三五百个朋友跟你们当面喝酒讨论我的过往事迹、为人处世。也可以在菲律宾马尼拉当面约我,我可以毫无保留完全剖析自己给所有人看。 我在2020年-2021年期间从Doge Shib以及BTC ETH BNB这些主流币上面赚到的两千多万U,几乎全部亏损回到一级市场,除了400万U是在我有点自暴自弃的心态时在币安合约爆仓外,确切的说几乎全部亏损在币安链上:BabyDoge当时价值600万U的钱包被前妻转走(直接损-10%手续费)再砸盘(再-10%手续费+一次性砸盘收益最小化),GHC亏损不低于300万美金(老布、JK等人瓜分走),其他大大小小损失几十万美金的都忽略不计了。我当时对于这些项目的规划是做成类似《星球大战》这样的顶级全球文化产业IP,为此还让人注册公司、商标、做核心建模、开发游戏,花两三万美金买了品牌域名,花几十万美金开发的产品代码现在还扔着蒙尘。当然这些都是我身为一个成年人所做的每一个决定,我认了。 我在币安链上以私人的名义募集了最多的BNB(34000个BNB左右),退了最多了BNB(14000个BNB左右),现场直播回购销毁了最多的BNB,我没有“操盘、控盘”意识,在发射后的市值500万美金-9000万美金的时候总共回购销毁了大概20%的筹码,我被OKX官网认证的Telegram官方账号欺骗、入侵电脑/TG/推特,我让有损失的朋友们登记在表格里,虽然我现在还没有能力偿还,但是因我而造成亏损的朋友们的这些账,我认了(只是希望大家多给我一些时间)。 对于币安交易所这个产品,我觉得很好,从产品风格 UI 到各个功能的使用细节都是同类产品中最好的。别人说不好的地方肯定是树大招风容易成为众矢之的,因为用户体量大,出现问题肯定骂的人就多,现在有那么多人对币安口诛笔伐,我觉得最大的原因就是因为币安提供了这样的一个情绪出口:有何一和Sisi可以随时对接成千上万的用户,有CZ那么“亲民、好面子、爱惜羽毛”的创始人都是用户们可以轻易接触得到的。像很多的大企业大交易所,比如说 Coinbase,我的账号也被他们注销了,如果想要联系他们,基本上都等于是石沉大海了。 当然币安自己本身的问题也不能忽略掩盖:10/11 事件(老外好像说是 10.10 事件),为什么不第一时间出公告分析阐明原因来龙去脉?就算是技术故障问题如果认了就认了,该赔偿的我看你们也赔了不少啊。CZ 从容赴美坐牢和交 40 亿美金罚款,我觉得币安从来不缺乏壮士断腕的决心和重新出发的勇气。像我这样的币安忠实用户从来不缺。为什么非得等木头姐那些老外们和徐护士们都集体发难了才出来澄清呢?这也怪不得很多国人说你们“一百年了,还是西药有疗效”。 我自认为是币安链BNBChain上的一名 6 年的“老兵”,虽然是一名失败的老兵,但是也看到了现在BNBChain上的一些乱象。上币组真的不是和 CZ 一姐对着干吗?前脚刚说完不要从推文的字里行间找角度,后脚你们就上了?虽然说上 vc 币有一大堆人骂,上的“扣字眼”币骂的人更多,而且大比例的中文币同样让国际社区的用户有想法,退一万步来说,上像“哈基米”这样拥有广泛社区基础的,总比一帮 KOL 大 V 们组局就上的终归会少很多意见。后续我认为还是回归公平发射+产品/应用上面,这方面的方向倒是对的,Meme 就好比宗教,一年可能就一两个有大结果的。 币安钱包的很多初衷是好的,但是很多细节一塌糊涂。 币安广场有一些细节算不错的产品创新,我考虑学习罗永浩后面抽空做直播卖艺“还债”。 表达能力不好,手机打字累,碎碎念就这些,继续搬砖“还债”。







陈震曾发文:纳税是每个公民应尽的义务!逃税才是他妈最可耻的!且是犯罪行为! 底下有网友说每一分钱都缴税,没有这样的傻子吧。 陈震:对!我就是那个傻子! 央视:北京市税务局依法对陈震偷税案件进行处理。 😂😂😂





















