‘No accident’ – Why OKX founder faults Binance for October’s crypto crash
Star Xu, founder of crypto exchange OKX, has called out Binance [BNB] for triggering the crash on the 10th of October.
In a post on X (formerly Twitter), Xu said,
“No complexity. No accident. 10/10 was caused by irresponsible marketing campaigns by certain companies.”
Source: X/Star Xu
He added that the market structure changed after the crash. Notably, since the deleveraging event, Bitcoin has never regained a positive correlation with traditional markets like the S&P 500 or Nasdaq and has not matched their gains.
Xu singled out Ethena’s USDe’s depeg on Binance. He blasted the exchange for offering an APY of over 12% on the product, boosted by looped leverage, but failed to implement key risk mitigation…
