Cobo

Crypto since 2017 🎢

[Cobo @constantinhint]

@Biblicalman https://t.co/LErCrr9j0b this is the original article, nice copy paste

[smoothie @shedrinkswater]

https://t.co/dVgmmSIECr

[Cobo @constantinhint]

@Biblicalman @shedrinkswater https://t.co/LErCrr9j0b

[smoothie @shedrinkswater]

https://t.co/dVgmmSIECr

[Cobo @constantinhint]

@Biblicalman This article is copy pasted from @shedrinkswater

[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.

[DAN KOE @thedankoe]

https://t.co/7l7Jef99QZ

[Cobo @constantinhint]

@BobLoukas When would you consider selling your 4yr model portfolio allo if we don’t cross towards your targets above 100k outlined in the last vid? Greetings Bob <3

[Dougie @DougieDeLuca]

https://t.co/q5LVbaaPpx

[MaD @MaximilianHintr]

🎅🏽Santa never disappoints $TSLA

[Cobo @constantinhint]

@BobLoukas When new vid?

[Cobo @constantinhint]

@RobbyH598279 @0xIT4I @TaikiMaeda2 with decent gain right? @alphawifhat

[Cobo @constantinhint]

@KAIZ3NS @cburniske tweet repackaged with a ribbon

[Nik @cointradernik]

Update on Microcaps vs Consumer Staples vs Business Cycle Composite — screaming higher as expected, and it’s my view that this is front-running improving macro conditions over the coming months

And $IWC vs $OTHERS in the second chart

Idk man maybe I’m retarded but everything points to higher for longer — and the sentiment obliteration only cements this view for me

[Cobo @constantinhint]

@DegenPing Wonderful

[Cobo @constantinhint]

@BobLoukas Lock meeee out bobby

[Cobo @constantinhint]

@degentradingLSD ggs

[Bags @0xbags]

humans really saw this and decided to invent perpetual futures contracts

[Cobo @constantinhint]

@degentradingLSD Just recently stumbled across your profile, took the SNX trade with u, incredible work!

[Cobo @constantinhint]

@cointradernik killing it nik!

[Dee @PotentJawaJuice]

@zoomerfied So the market nuked because insider traders were selling on insider information about an investigation into insider trading.

[Cobo @constantinhint]

@imspeculating @0xTDG @inversebrah observe this salesman