secryptz retweetledi
secryptz
87 posts
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1/ The identification of two of the individuals behind the @TroveMarkets scam, accomplices of @unwisecap in the disappearance of $11.5M
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With all respect to Star, this story is candidly ridiculous.
Star is trying to claim that the root cause of 10/10 was Binance creating an Ethena yield campaign, causing USDe to get overleveraged from traders looping it on Binance, which eventually unwound because of a small price move.
The problems with this story:
1) The timing of this story doesn't line up. BTC bottomed a full 30 minutes before USDe price was affected on Binance. So USDe clearly can't have *caused* the liquidation cascade. This is clearly misplacing cause and effect.
2) USDe price diverged ONLY on Binance, it did not diverge on other venues. But the liquidation spiral was happening everywhere. So if the USDe "depeg" did not propagate across the market, it can't explain how *every single exchange* saw huge wipeouts. This is very much unlike Terra, which depegged everywhere and caused the same damage across every venue.
So maybe you could hedge Star's argument by saying "OK, maybe Ethena didn't *cause* 10/10, but it amplified it." But even as an amplifier, USDe fails the test because it didn't propagate cross-exchange. We know what a good explanation of a crash looks like—Terra, 3AC, FTX, all had global balance sheet effects that were felt everywhere. USDe did not do that, it was a Binance order book isolated event.
3) This begs the question: why is Star "revealing" this now, months later? Star does not produce any new evidence for this theory that people didn't already know and analyze to death. All of the order book data has been public for 4+ months and suddenly he claims this? This feels more like Star is picking a fight with CZ and using this simple story as a pretext to make it sound like CZ was in on it, or caused 10/10 through his own irresponsibility.
Look, the reality is, there's no simple story explaining 10/10 that survives scrutiny. I don't have one either. If there was a simple story that could explain 10/10, there would already be widespread agreement about what caused it, like the agreement around the 3AC or FTX crashes.
The best story to explain 10/10 is, to my mind:
* Trump spooked markets with tariff threats on a Friday evening
* This caused markets to sell off dramatically because crypto was the only thing to trade
* Flurry of activity caused Binance APIs to go down, causing huge price dislocations and preventing market makers from balancing inventory across exchanges. This caused huge liquidations that could not get filled, but liquidation engines keep firing regardless, and all this got amplified by ADLs initiating everywhere and breaking hedges and risk management
* This caused MMs to get wiped out, and they were unable to pick up the pieces—MMs need APIs to rebalance inventory, and without MMs, there were no buyers of last resort for many alts. Retail was not going to step in on a chaotic Friday evening to buy stuff
* Crypto liquidation mechanisms are not designed to be self-stabilizing the way that TradFi mechanisms are (circuit breakers, etc.), crypto liquidations are designed purely to minimize insolvency risk
* Altcoin prices are extremely path dependent, and we ended up in a bad path
That's my story. It's not a very satisfying one, but neither is this "Binance + Ethena did it" story. A better root cause explanation is "APIs went down at the worst possible time," but that doesn't really sound so dastardly.
Where simple stories do not suffice, unfortunately you have to choose a complicated one. And I think this complicated story is the best one for what actually happened on 10/10. Thankfully, the history of crypto is a long series of these "bad things happened, and later the market recovered."
In the long run, I'm not worried that 10/10 permanently broke the market. Just that prices are path-dependent, retail + MMs got hurt bad on 10/10, and will need time to recover.
Star_OKX@star_okx
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.
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secryptz retweetledi
because MEXC allowed a threat actor deposit / withdraw $12.4M+ of stolen government funds yesterday to MEXC deposit
0x79648e86b9e58fabb896438e2019905fa363a2ee
now today as recent as 5 min ago the same threat actor deposited 240+ ETH total to MEXC deposit
0x068C3773609ec31588425ae90d271e3569B78f40
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secryptz retweetledi
1/ A large off-chain investigation into the entire team behind the @TroveMarkets scam and here is what i discovered
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sebenernya gue udah mencoba manage loss diangka yang masih bisa gue tolerir. jadi gw masuk tuh ketika trove udah oversubs 4x ($10M), dengan raise cap max dia di angka $2,5M.
makaa artinya dari total investment gw 935$ hanya akan diambil 25% atau sekitar 230$, bahkan bisa dibawah itu karena ada additional allocation buat yang hold trove point sedangkan gw gak pegang itu.
kalo semua berjalan sesuai term of servicenya, gw akan dapet alokasi 200$ +- dan refund sekitar 700$.
dengan skenario terburuk fdv drop banget sampek -50% maka gw hanya akan loss $100, jumlah yang masih bisa gw tolerir dengan situasi keuangan gw.
tapi duar ternyata mreka emang raja iblis naudzubillahiminzalik, max cap yang diminta di $2,5M ternyata hanya palsu. mereka memilih ambil semua fund sekitar $9,4M dan hanya menyisakan $100k buat di refeund (not even close to enough).
dan inilah akhirnya, gw dapet sekitar 46k $trove yang hanya bernilai sekitar 40$, tanpa ada refund.
-$890 in loss, its a brand new iphone 15 promax holyfuck. in this economy dengan umr kota gw yang hanya 2,6jt, ini bneer bner kelakuan iblis😭😭
mungkin mnrut sebagian org ini dikit, tpi jujur ini ngefek banget di gue yaallah.
entah gimana caranya semoga lekas bisa recovery :((
Arunika@0xLoonar
jahat banget sumpah 935$ cuma dibalikin 45$. in this economy duit segitu kerasa bgt buat gue yaallah sedih bgt.
Indonesia
secryptz retweetledi
@TroveMarkets For Trove victims here’s who was introducing themselves as its founder unwisecap during a side event at Token2049 in Oct 2025
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secryptz retweetledi
@TroveMarkets may allah punishes you with no mercy at all, greedy garbage humanbeing
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Oversubscribed, and you didn't even send the refunds???? shame on u TROVE 🖕🖕🖕🖕🖕
TROVE@TroveMarkets
Trade $TROVE now. Own a part of the future of collectibles Contract: Trove4jcQhE1dZGrjBwe8LUEAZizcFDZ35gUHezmjhZ
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secryptz retweetledi
Bukan masalah TR itu raja atau bukan tapi saat ada kriminalisasi influencer edukasi yg aktif di kripto pasti industri akan kena hit besar. Berapa banyak influencer kripto di Indo lainnya yg akan ikut takut bicara tentang kripto dan ga mau lagi memprediksi harga kripto kalau itu terjadi. Ngajak hold bitcoin pun berarti kalau harga bitcoin down bisa ikut dikriminalisasi merugikan 🤔😰
MangAgus (Truth Arc)@MangAgus_10
Sebenarnya kemarin cukup respect ketika Dr. Gema Goeyardi menegur Timothy di podcast Kasisolusi Tapi begitu lihat video ini, dimana jika Timothy dipenjara, kripto Indonesia bisa hancur Agak lucu gimana gitu 😹 "Ingat guys, kalau Timothy sampai hancur, industri kita hancur" dengan wajah serius
Indonesia
$TROVE will launch on Solana
ICO participants who contributed via EVM, can connect their Solana wallet to receive $TROVE, on our ICO site: trovemarkets.com/ico. Ends 18th January, 5pm UTC.
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secryptz retweetledi
🚨 INSIGHT: Bitcoin enters 2026 without a clear trend, with a volatile $80K–$140K range seen as the most likely outcome.
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Standing with Indonesia 🤝
In response to the devastating floods in Sumatra, Binance Charity is providing USD 245,000 in aid, supporting the Indonesian Red Cross and delivering direct airdrops to affected Binance users to ensure timely assistance.
binance.com/en/blog/charit…
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