ST 🌖

The esoteric $FAR, EGLD, LUNA and KSM bull enthusiast #NFT - #ELROND - #MaiarDEX Supporter of @ElrondNFT @Elrondducks @NftMaw @ElrondApes

[Lip @todocampista8]

pace of the game is outrageous

[Zachary Foster @_ZachFoster]

“No one wants to fight for Israel”

[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.
https://t.co/IK2gW4xUOP 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.

[kook @KookCapitalLLC]

binance sold $1bn of btc today

they just announced yesterday that they will market buy $1bn of btc, and instantly did the opposite

you do not hate cz enough

jail !!!!!!!!!

[Fam @fammetaX]

@barkmeta While i buy up all the dip

[Byzantine General @ByzGeneral]

Hold on...

Every single asset is down and the dollar is flat...

Where's the money going?

[__MattyRMFC @MattyRMFC]

@elonmusk Fix this please

[My Mixtapez @mymixtapez]

The Feds reportedly seized $200 million in drugs after arresting Peewee Longway alongside 30 others

[FLEA 🇭🇹 @babyibeenajoint]

Yooooooo… 🤦🏾‍♂️🤦🏾‍♂️🤦🏾‍♂️they literally had this man fired because he spoke the truth

[𝐬𝐨𝐯 @sovietsoleri]

This frame— the looming horror in what should be relaxed moments, all intensified by the pathogenic alien form. Some people are so monstrous you can't view them as human

[Ian Miles @ianmiles]

Nicolae Miu was looking for his phone when he ran into a group of young people who proceeded to harass and assault him, pushing him to the ground and punching him.

He pulled a pocketknife he used for cutting rope while tubing and cut five of them, one of whom didn’t survive.

He’s now on trial, and argues that his actions were in self-defense.

Source: CBS News https://t.co/diblS0X6DX

[Football Remarks @RemarksFootball]

Foden, Saka and Rashford on UCL nights

[ST 🌖 @SloppyToppy4L]

@Monk_DIY @QueenSimidan It’s equivalent to saying “it is what it is”

[ST 🌖 @SloppyToppy4L]

@RJ24clear @CFCAccountable @Joey7Barton Not at all

[Football Confidential 🌐 @footballconfid1]

@Joey7Barton I don’t think anyone should comment on elite football and elite footballers unless they have played to that level, @Joey7Barton, perhaps stick to relegation dogfights and the championship 👍

[Historic Vids @historyinmemes]

A U.S. pilot narrowly avoids decapitation as another plane comes dangerously close to his head

[The Night Warrior @WarriorNight007]

@historyinmemes An Astronaut once smuggled a gorilla suit on board the International Space Station. He didn't tell anyone about it. One day, without anyone knowing, he put it on. https://t.co/6OyY59N6vf

[krak @Krakker420]

Woke up this morning and bought some $DEEZ the dragon coins because i love nuts. Get some deez with your tanking $SOL or get doze nuts draggin on yo face.

Available on #Raydium #solana

jTCmWBY9hussHxEX1mY9CdTqMmVDH1Mg9Tb8E321xgV