Paopao

[Paopao @lihao990607]

@star_okx @grok 翻译

[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.

[Binance 1011 Victims Alliance @1011_victims]

10.11 币安“黑盒”20 分钟吞掉 192 亿：KOL签保密协议拿钱，160 万散户被系统锁死逃生门爆仓

10 月 11 日凌晨 5 点左右（美东时间10月10日下午 5 点左右），我眼睁睁看着自己的账户从盈利 100 万，变成归零——不是因为判断失误，不是因为杠杆太高，而是因为币安的系统，把我锁死了。我想平仓，点不动；我想减仓，系统拒单；我想自救，连“ReduceOnly”这种最基础的风控指令都被无情驳回。屏幕上一遍遍弹出“-4118”“503 Service Unavailable”，而 K 线却像瀑布一样垂直下坠。同一时间，Coinbase 价格稳如泰山，币安却砸出高于其他交易平台百分之几十的价差——这不是���场风险，这是人为制造的屠宰场。更讽刺的是，KOL 们悄悄签了保密协议，拿回大部分损失；而我们 160 万普通用户，爆仓分文未赔，反被贴上“赌徒”标签。

这一切都是因为币安系统崩盘，把散户的逃生门焊死了。10 月 11 日凌晨 05:00 ，我盯着屏幕上比特币的 K 线，指尖在鼠标上悬了又悬。作为做了几年加密货币交易的老玩家，我早把凌晨盯盘当成了日常，就连周末也不敢有半分松懈——毕竟账户里那些仓位，是我熬了无数个夜、跟着行情起伏调整了上百次策略才攒下的。可 10 月 11 日那天凌晨，我盯着屏幕的眼睛越来越沉，不是因为困，而是因为恐惧一点点攥紧了心脏——币安的系统，正把我和 160 多万个像我一样的交易者，往��底的深渊里拽。05:00 ，我像往常一样刷新订单簿，想看看下方的买盘支撑稳不稳。可这一刷，我后背瞬间冒了冷汗：原本密密麻麻的买盘挂单，像被人用橡皮擦凭空擦掉似的，一行行消失。我手里握着比特币多单，赶紧调出减仓界面，想先出一部分本金保住底。可点击“提交”的瞬间，屏幕上跳出的“系统负载过大，请稍后重试”像一盆冷水，直接浇在我头上。“怎么会这样？”我不死心，又点了一次，结果还是一样。这时，K 线开始往下滑，从 117000 美元一点点落到 110000 美元，再到最低的 105000 美元——每跌一点，我的心跳就快一分。我手指在键盘上敲得飞快，减仓指令提交了一次又一次，可系统要么提示繁忙，要么干脆弹出“503 Service Unavailable”的��色警告。我慌忙打开和朋友“于”的聊天框，他是个资深量化交易者，常年用 Bot 跑策略，我发消息问他：“于，你在币安能下单吗？我这边减仓单全被拒了！”没过十秒，他的消息弹了出来，字里行间都是慌：“我也不行！连 ReduceOnly指令都卡住了，Bot 重试了几十次，全失败了！这系统是要疯了？”

凌晨 05:00 ，噩梦开始加速。比特币价格像断了线的珠子，从 115000 美元直接砸穿 110000 美元，屏幕上的数字跳得我眼睛发花。我看着账户里的保证金余额一点点减少，从最初的 400 多万美元，掉到 300 多万美元，再到 200 多万美元，每一秒都在亏钱。我突然想起还有一笔山寨币多单，赶紧切过去，眼前的景象让我腿都软了。ATOM，作为市值前 50 的山寨币，价格在几分钟内从 3.8 美元跌到了 0.001 美元，订单簿的买侧一片空白，连一丝支撑都没有。 “不可能……”我喃喃自语，又换了手机端登录，不行；再试网页版，还是不行。每一次提交订单，都像把石头扔进深不见底的井里，连个回响都没有，只有冰冷的错误提示在屏幕上闪。我盯着亏损数字从几十万跳到上百万，心脏像被一只无形的手攥着，连呼吸都觉得疼。我想起为了这些仓位，我前一晚熬到三点，反复调整风控参数，就怕行情波动；想起这几年靠交易攒下的积蓄，就这么眼睁睁看着被吞噬——不是因为我判断错了行情，是因为币安的系统，连让我自救的机会都不给。凌晨 05:20 ，最可怕的消息来了。系统弹出一条通知：“您的账户已触发强平条件，部分仓位已被强制平仓。”我盯着那条消息，大脑一片空白，手都开始发抖。我明明能减仓止损的，明明能保住一部分钱的，可就因为币安的系统故障，我连点击“平仓”的权利都被剥夺了。我疯狂地点着“手动平仓”按钮，手指都按酸了，屏幕上却一次次跳出“-4118 ReduceOnly order rejected”——这个我以前只在文档里见过的错误码，那天成了索命的符
咒。 “为什么不让我平仓？！”我对着屏幕吼，可回应我的只有死寂的界面。我看着账户余额从 300 万掉到 200 万，再到 100 万，最后只剩下几千美元——那是我几年的心血，就这么没了。

[Paopao @lihao990607]

@steinhaoss @OKXHelpDesk_cn @star_okx 大哥是看不懂中文？还是脑袋装屎看不懂？🤣提币高风险平台，提币去干嘛心里没点数？你也不是啥好人

[Elon Musk @elonmusk]

Oh the Irany …

[Paopao @lihao990607]

@Sharon38441325 都不理我了

[Paopao @lihao990607]

@Bear_bear_1268 我有养哦

[Paopao @lihao990607]

@Bear_bear_1268 聊天吗 头像私发

[Genshin Impact @GenshinImpact]

Yae Miko ‧ Astute Amusement
Guuji of the Grand Narukami Shrine

The Grand Narukami Shrine's head shrine maiden and a descendant of Kitsune lineage, Eternity's servant and friend... and the intimidating editor-in-chief of Yae Publishing House, a publisher of light novels.

[Genshin Impact @GenshinImpact]

Event Wish "Adrift in the Harbor" - Boosted Drop Rate for "Plenilune Gaze" Ganyu (Cryo)!

Travelers, stock up on weapons and characters in the event wish to make your party stronger in combat!

#GenshinImpact

[Paopao @lihao990607]

@kehoe5828 你看最近那个姓🐎的老不死，说华人应该用手吃饭，你听这个口吻是不是很像同一种人

[Paopao @lihao990607]

@kehoe5828 极端份子哪都有 就像malaysia也一堆🥱庆祝生日不能说happybirthday

[ドイツ大使館🇩🇪 @GermanyinJapan]

広島と長崎は、核戦争の狂気を物語る象徴的存在です。発端は、ドイツと日本のナショナリズムと軍国主義によって始まった戦争でした。

本日迎える長崎原爆忌は、核兵器のない世界を目指す取り組みがなぜこれほど重要なのかを私たちに思い起こさせる日でもあります。

#長崎原爆

[ドイツ大使館🇩🇪 @GermanyinJapan]

1945年8月9日、広島への原爆投下の三日後、さらなる原爆が長崎の街を壊滅させました。

私たちは今日、犠牲となった何十万人もの人々を追悼します。

被爆者の方々は、原爆投下という人為がもたらした災禍による恐怖と健康被害に今なお苦しんでいます。

[Azizulhasni Awang @AzizulAWANG]

Untukmu MALAYSIA 🇲🇾 ❤️🙏
.
#WeAreOneWithAzizul #DemiMalaysia
#teamazizul #azizulawang
#olympics #olympic
#tokyo2020 #tokyo

[Sunisa lee @sunisalee_]

reunited !!🤍

[Paopao @lihao990607]

网络上充斥着一堆没营养的垃圾内容

[Paopao @lihao990607]

想把Facebook卸载了

[Paopao @lihao990607]

马斯洛需求层次理论

没有安��的生命保障 又何来自由的生活