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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.

说实话，币安这两口子@cz_binance @heyibinance 最近的处境，真的不是“被冤枉”，而是因果自取。 一边亲自下场带货自家的 meme 市场，一边又在事后指责发币集团“恶意绑定你们的推文”，这逻辑本身就站不住脚。 你们自己最清楚： 你们的影响力，在币圈几乎等同于“定向流量投放器”。 既然有勇气亲自下场带货自家产品， 那就得有心理准备—— 在你们强大号召力之下，无数普通用户亏钱后的反噬，一定会回到你们身上。 这不是道德问题，这是责任问题。 如果你们一开始不强行下场带货， 如果你们只是老老实实做交易所、做工具、做基础设施， 今天根本不会有这么多文章、这么多批评、这么多反噬。 “苍蝇不叮无缝的蛋”这句话虽然俗， 但在这件事上，异常精准。 带货的是你们， 强调“盈亏自负”的也是你们， 最后出了问题，好人全是你们， 责任一分不沾。 又想吃流量红利， 又想收交易手续费， 最后还想完全不承担舆论与道义责任—— 天底下哪有这么好的事？ 更讽刺的是： 为什么现在几乎没有人集中批评@star_okx 徐明星？ 不是因为他多讨喜， 而是因为他没有亲自下场搞带货节奏。 为什么最近批评你们的帖子突然爆发？ 不是因为舆论变坏了， 而是因为你们自己开始“插针式带货”了。 不反思自己的选择， 不反思自己的角色边界， 只是一味甩锅给发币集团、甩锅给市场、甩锅给“恶意绑定”。 这不是被黑， 这是市场在用亏损者的声音，给你们投反对票。