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OKX CEO Blasts Binance Over Oct. 10 Crypto Crash, Cites ‘Lasting Damage’

OKX founder and CEO Star Xu took purpose at a rival “industry-leading firm” over the market dislocation tied to Oct. 10, arguing the episode did greater than set off a short liquidation cascade — it inflicted “actual and lasting harm” on crypto’s credibility with customers and regulators.

OKX CEO Slams Binance As Crypto Still Digests Oct. 10

In a publish on X, Xu stated the {industry} has “underestimated the influence of 10/10,” framing the occasion as a belief shock somewhat than a routine volatility episode. While he didn’t identify Binance or its founder Changpeng Zhao (CZ) instantly, the timing and context of the remarks and subsequent dialogue on X tying Oct. 10 to a Binance-related incident made the goal clear to many readers.

Xu’s central declare was that main platforms ought to prioritize resilience and legitimacy, particularly when scrutiny from regulators and mainstream establishments is rising. “An industry-leading firm ought to concentrate on strengthening core infrastructure, constructing belief with world customers and regulators, and defending the long-term pursuits of nearly all of crypto customers, setting an instance for others to comply with,” Xu wrote.

“Instead, some selected to pursue short-term positive aspects—repeatedly launching Ponzi-like schemes, amplifying a handful of ‘get-rich-quick’ narratives, and instantly or not directly manipulating the costs of low-quality tokens, drawing hundreds of thousands of customers into property intently tied to them.”

That critique broadens the Oct. 10 incident from a single failure occasion right into a sample: consideration seize by high-risk token promotion and narratives, somewhat than a gentle concentrate on market integrity. Xu argued that this method turns exchanges into site visitors machines optimized for “shortcuts,” on the expense of sturdy confidence.

This method doesn’t construct an {industry},” he added. “It erodes belief—and in the end, everybody pays the worth.”
The publish landed as elements of crypto Twitter had been already revisiting Oct. 10 as a potential inflection level for latest market lull.

X account CryptosRus cited a Cathie Wood’s interview the place she described the final “2–3 months” as an “aftershock” from an Oct. 10 “flash crash” tied to “a Binance software program glitch” that “compelled ~$28B of deleveraging throughout crypto.” In that framing, bitcoin absorbed the brunt “as a result of it’s essentially the most liquid asset,” and the compelled promoting is “principally finished,” shifting the market’s focus again to cycle positioning.

Some {industry} figures responded by framing the dispute as one other spherical in centralized change rivalry. Moonrock Capital founder Simon Dedic wrote: “OKX attacking Binance. One shady CEX attacking the opposite shady CEX for extracting much more worth than they do. As lengthy as this battle prices not less than one among them market share, that’s a web optimistic for the {industry}.”

Others used the second to distinction opaque venues with on-chain alternate options. The Rollup’s CEO Andy C stated “Binance is crooked and opaque,” arguing that “Hyperliquid is open, permissionless finance for all.” Flood, CEO of Fullstrack.commerce, went additional, writing that crypto “won’t ever have a really nice period and attain mainstream adoption so long as Binance is the dominant change.”

At press time, CZ had not publicly responded to the allegations, whereas BNB confirmed no quick market response.

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