In the shadowed alleys of the digital bazaar, where fortunes rise and fall with the whims of algorithms, Star Xu, the patriarch of OKX, has pointed his accusatory finger at Binance, the behemoth of the crypto realm. With a voice laden with the weight of a thousand ledgers, Xu proclaimed that the crash of October 10th was no act of fate, but a farce orchestrated by the reckless hands of marketers.
On the platform of X, where words fly like untethered coins, Xu declared:
“No complexity. No accident. 10/10 was a carnival of greed, a masquerade of irresponsible marketing campaigns by certain companies.”
He continued, his words dripping with the sarcasm of a man who has seen the underbelly of the digital gold rush. The market, once a dancing bear, now lies shackled, its correlation with the traditional markets severed like a frayed rope. Bitcoin, the once-proud stallion, now limps behind the S&P 500 and Nasdaq, its gains a mere shadow of its former glory.
Xu, with the precision of a surgeon, singled out Ethena’s USDe’s depeg on Binance. He lambasted the exchange for offering an APY of over 12%, a siren’s call amplified by looped leverage, yet failing to erect the necessary bulwarks against risk. “A house of cards,” he muttered, “built on the sands of greed.”
With a plea that echoed through the halls of the crypto cathedral, Xu urged Binance, the industry’s self-proclaimed leader, to confront the specter of ‘systematic risk’ without viewing it as a personal affront. His words, a mix of warning and hope, concluded:
“Crypto is still in its infancy. What we normalize today will determine whether this industry grows into a trusted guardian-or remains a playground for the reckless.”
Binance’s Rebuttal: A Tale of Tariffs and Technicalities
Binance, the titan of the crypto world, scoffed at Xu’s claims, dismissing them with the wave of a hand. The crash, they argued, was not their doing but the result of a macro shock-the Donald Trump tariffs update-that sent the market into a tailspin. A $19 billion liquidation cascade, they claimed, was the true culprit, not their marketing campaigns or technical hiccups.
Yet, Binance did not deny the technical issues that plagued their trading system during the crash. A brief degradation of the asset transfer system, a depegging of USDe, BNSOL, and WBETH-these were the cracks in the armor, but not the fatal blow, they insisted.
AMBCrypto, ever the vigilant chronicler, noted the timeline of the glitches: the first from 21:18 to 21:51 UTC, the second from 21:26 to 22:15 UTC. Chainlink’s Zach Rynes added his voice to the chorus, pointing out that the USDe depeg occurred after the liquidation cascade, suggesting Binance’s role was more of a bystander than a perpetrator.
Yet, in the absence of an independent, third-party analysis, the truth remains as elusive as a Satoshi in a sea of transactions.
BNB: Unfazed or Unhinged?
The whispers of FUD have grown louder this week, casting a shadow over Binance and pushing BNB down by 8% on the price charts. Last week, the altcoin suffered a similar fate, its price slipping below $900. Yet, in a twist of irony, BNB’s market dominance not only held firm but increased to 4%, a testament to its resilience-or perhaps the market’s apathy.
This paradoxical strength suggests that BNB is not being jettisoned like a sinking ship, despite the storm of negativity. The question lingers: is BNB a fortress in a sea of chaos, or merely the last to fall?
Final Musings
- Xu’s accusation paints Binance as the architect of the October 10 crash, a claim as bold as it is contentious.
- Binance, unmoved, points to external forces and technical glitches, their BNB standing tall amidst the FUD, a 4% market dominance its shield.
In the end, the crypto world remains a stage of drama and intrigue, where accusations fly like digital darts and resilience is measured in percentages. Will Binance emerge unscathed, or will the market’s memory prove longer than its patience? Only time, that relentless auditor, will tell.
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2026-01-31 15:32