pyth
230 posts



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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.





@BidaoOfficial 正常我也有被拉黑,有任何正义感的帖子他看到都会拉黑,这对夫妻就是小人中的伪君子。现在醒悟的人还不多,当所有人醒悟的时候就是币安覆灭他俩坐牢的下场

仅3个月左右,攻守转换了,这次是四大门派围攻币安 加密市场惨淡的行情下,大家需要一个坏人,现在 CZ 就是那个背锅的坏人 所以这场争议,与其说是四大门派对币安的批判,不如说是熊市情绪的一次集体释放 然后这场情绪释放里面,又夹杂着各方的利益: 比如支持Coinbase的美国机构派代表木头姐; 疑似组织中英文水军的链上挑战者Hyperliquid ; 宿敌与竞争者OKX的下场助攻......



所谓的 【币安人生】,终究是 小偷人生 罢了。 @star_okx 在这个庞大的帝国里,你看不到一丝原创的骨气,只有极致的 Ctrl+C: 🛠 BSC公链偷 ETH 的(代码硬分叉,节点改个名) 💱 交易所偷 OKX 的(高管离职带走人员技术) 👛 钱包偷ok的 🐕 土狗Four 偷 Pump.fun 的 📈 Astar偷 Hyperliquid 的 🔮 预测偷 Polymarket 的 最厉害的,最核心的何一姐…… 害,连老公也是从别人手里偷来的。😂 连老公也是从别人手里偷来的,偷来的人生。😂 从代码到流量,从产品到枕边人。 Binance 的一生,就是把“脏手”伸向全世界的一生。 #Binance #BNB #okx








