皮尔特的加密人生

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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.

你俩说了那么多，假惺惺做了那么多澄清， @cz_binance @heyibinance 敢公布10.11号这天的你们币安的收益么？ 敢公步币安所有用户那天的整体亏损么？ 那天所有散户的钱去哪里了最简单直接. 谁的理财产品bug也很直接！ 为什么要让所有无辜的普通人以及被波及到的其他交易所散户去为你们理财bug买单？ 你们币安自己却赚麻了？这他吗什么世道，为什么还他妈有一堆舔狗？艹！你们这些舔狗良心过得去吗我日！拿钱能心安吗？ 舔狗说币安做了很多贡献，投了很多crypto项目，试问过去三年币安做了什么贡献？ pump是币安投资出来的？ hyper是币安投资出来的？ polymarket是币安投资出来的？ 币安都想干死他们三个吧，落井下石的时候我看都在.全部投资搞了仿品想取而代之偷天换日？对应搞了form，搞了aster，搞了predict，这就是币安的build，这尼玛逼的build，靠偷靠抄来干死币圈创新， 对了这个币安钱包也是抄ok钱包来的. 顺便得提一句，如果币安账户哪天被封了，币安钱包里的资产你都看不到拿不走！ 哪有一点中本聪的初衷去中心化. 周末看了一下，这俩口子把白银黄金暴跌当成了自己的反击机会. 你们平台的usde循环贷理财，bnsol，wbeth脱毛导致大户和做市商的资产被币安接管，然后砸向市场. 所以这中间usde脱毛的最低价和市场里一大堆山寨插针90%的最低价时间不一样. 因为币安循环贷的usde理财深度奇差，在托管资产砸盘中砸的更深，出清的速度最慢，最低价出现的也更晚. 大户和做市场才有钱去搞币安这些理财产品，产品的流动性bug引发做市商资产被托管砸盘，各交易所之间的搬砖机器人把币安理财bug导致的砸盘传导到所有交易所，然后整个市场为币安的理财产品缺陷买单. 这俩口子就是装糊涂，肥了一波大的搞个几十亿美金死都不会吐出来，

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