Constantine

NOW WHAT ?

[Constantine @kkkk6661]

The bottom of the food chain is naturally afraid of trouble and prefers stability, liking to indulge in self-gratification.

[The Pale King @thepalehundreds]

Admiration

[A Fool for Christ ☦ @AFoolforChrist]

"Nazi, racist propaganda getting 200K likes, wtf has this platform become"

[Rodney @cryptojourneyrs]

Lock in fellas

[Madrid Xtra @MadridXtra]

You made history, @Cristiano! ❤️

[102.btc @102BTC]

冷静 割不少跟单，近万U吧

刷到这个，给我笑醒了

Grok 被逼急了，看不惯你，也会骂人🤣

[あまね @amane_codm]

これ使いたいけど使いどころが無さすぎる

[Ветеран Стрипклубов @SashaNris]

Два мира, один братский народ

[Hyperion @Ortgeist]

Diners overlooking San Francisco Bay, California, Ralph Crane, 1962

[Clive @Clive_99]

Watching your bros getting wrecked on the token you just called

[Beau @beausecurity]

Imagine how good things are going to be

[naiive @naiivememe]

Girls with 6 figs: “Eww, I would never eat here.”

Men with 12 figs:

[DogeDesigner @cb_doge]

Elon Musk doing Elon Musk things in Beijing 😂

[TCR. @TeamCRonaldo]

🚨 𝗡𝗘𝗪: People are claiming Lamine Yamal won 3 Player of the Month (POTM) awards in one season while Ronaldo "only" won 3 in 9 years.

​Here is the context they are conveniently leaving out:

• ​The Award Didn't Exist: The La Liga Player of the Month award was only established in September 2013.

• ​The Missing Years: Cristiano Ronaldo joined Real Madrid in 2009. This means for his first 4 prime seasons, there was no award to win. He scored 146 goals in that period with zero chance at a POTM trophy.

• ​The Record at Departure: When Cristiano left La Liga in 2018, he had 3 POTM awards which was the joint-record at the time, shared with Antoine Griezmann and Lionel Messi.

It’s easy to manipulate stats when you ignore history.

​Stop talking if you don't know the history. 🤫

[Crypto Rover @cryptorover]

💥BREAKING:

Jeffrey Epstein said “I have met some very bad people, but none as bad as Trump.”

[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.

[Constantine @kkkk6661]

@boldleonidas fixed it

[Leo @Leooweb3]

Everyone in Crypto on January 5st.

[The Lion @TheLionPage]

The Lion will make it by any means necessary