OKX CEO blames Binance for $19B crypto crash

[encrypted]

OKX CEO Star Xu claims Binance’s marketing of Ethena’s USDe synthetic dollar caused the October 10 market crash.

Xu alleges that offering 12% yield on USDe encouraged excessive leverage, creating a “leveraged loop” where traders farmed APYs as high as 70%, ultimately triggering liquidations when volatility struck.

Xu: “Long-term trust in crypto cannot be built on short-term yield games or marketing that obscures risk.”

[nihalsari]

okx blaming binance marketing feels like trying to point fingers mid-storm, not sure it holds up