I wouldn't comment on this whole situation surrounding the CEO of OKX accusing CZ of collapsing the market, but there are a myriad of completely incorrect posts, and many people asking me about it, so... Let's look at the facts with impartiality...

We saw this week Star, CEO and founder of OKX, repeatedly stating in posts on X that the event of October 10, 2025, known as "10/10", with over $19 billion in liquidations, was NOT AN ACCIDENT, but rather a result of "irresponsible marketing campaigns by Binance." He highlighted the use of USDe (from Ethena) as collateral, high yields (12%+ APY in leverage loops) and the brief depeg on Binance as reasons, however, clearly things do not make sense, let's see:

1) The crash started before any problems with USDe, #BTC was already in strong sell mode and cascading liquidations were occurring well before USDe showed stress or depeg on Binance. The initial movement came from macro factors: threats of tariffs announced by Donald Trump on 10/10/2025, which crashed global markets (stocks, crypto, commodities). This caused widespread panic and automatic liquidations across all exchanges.

So, attributing the beginning of the event to a specific Binance product makes absolutely no sense, and STAR knows that.

2/2) Another point raised by Star was what he calls "irresponsible" yield marketing on USDe, but he does not present evidence that Binance manipulated prices, orchestrated coordinated sales, or deliberately exploited users. So, what we have here is the old and well-known systemic risk that has been around for years: Excessive leverage + correlation with macro + synthetic product (USDe) treated as a "safe" stablecoin. This is a broad market problem and not something exclusive to Binance, present in several exchanges, including OKX, which also lists USDe.

What we are left with at this point was an event of macro shock and market structure and not a "malicious campaign" as Star claimed, and he knows that. After all, there is no proof of intentional manipulation, it was a systemic risk failure, not a conspiracy.

Could we say that the situation around USDe contributed to many being liquidated? Yes, and this share of responsibility was quickly taken by Binance, with it reimbursing affected users (TOTALLY DIFFERENT FROM ANY OTHER PLATFORM THAT HAS EVER REIMBURSED ANYONE in similar situations).

Liquidation reports show that the volume occurred on various platforms (Bybit, OKX, Binance, etc.), not concentrated only on Binance as STAR suggests.

It would be extremely important for Star to explain to us why he brought his dissatisfaction with the event now and remained silent for months, if he had access to this information, he should have brought it to the community right at the beginning and not waited months to only then bring it, it doesn't seem suspicious at all... right?!

Star's fanciful narrative seems more like an attempt at "demoralization" than impartial analysis. Serious accusations like "manipulation" require concrete evidence (false orders, proven wash trading, etc.) and so far, none of this has appeared against Binance in this specific case and we are not seeing Star bringing these proofs or others.

However, we know that Star is not stupid, he knows that at the current moment there are still numerous people weakened by what happened on 10/10 and also many people are mourning losses from the subsequent events with Bitcoin coming to $76K, and necessarily, most of these people want to blame someone, they do not want to blame Trump for the announcements and do not want to blame themselves for the high leverage or for trading leveraged at that moment of the event, it is easier and more comfortable to blame someone else who is more accessible (CZ), and Star is exploiting that.

Star knows very well what he is doing and his attempt to force a run for the exit will not work here, not with Binance and not for this false reason, see this:

The reserves of Binance remain close to 659,000 BTC, the net flows remain normal and the movement of reserves is only at 0.6%, compared to... this is almost nothing compared to moments like the panic caused by the collapse of FTX (-12%)...(Check it out on QUANT). We also have Binance announcing that it will acquire $1B in Bitcoins in the next 30 days.

Attributing everything to a "manipulation" or irresponsible campaign by Binance is a convenient simplification for a competitor, but it does not withstand serious chronological and factual analysis.

There is no way to take Star seriously, especially considering that OKX in the case of $MANTRA did not provide a serious and detailed report that convinced anyone, and that indeed needed to be clarified in detail that Star did not do us the favor of clarifying for the Crypto community. Why didn't he?

I am a fierce advocate that the crypto sector needs more transparency regarding synthetic collateral risk and advanced mechanisms against manipulations, but pointing fingers without solid evidence only increases unnecessary FUD. The market continues to function perfectly and all its fundamentals remain here, and the 10/10, although still painful and many MMs and investors are still hurt, will soon be behind us and will just be another of the bad memories we had before a significant appreciation and happiness of a Bull Run.

Good luck to each of you!
Stay Safe!