Star_OKX
Star_OKX
Founder & CEO of OKX (since 2013). Crypto will eat the world. Self-custody is the future. Everything will be onchain. Tweets not financial advice.
8متابعة
2.6 ألفالمتابعون
الموجز
الموجز
من هو "يوه بوشون" في عالم العملات الرقمية؟
حادثة 10·11 التي ضربت السوق العالمية للعملات المشفرة، وأثرت على مئات المليارات من الدولارات من أصول المستخدمين حول العالم، تسببت في خسائر جسيمة للعديد من المشاركين في صناعة التشفير، وتحملت ألمًا لا يوصف. كما أن سوق Crypto بأكمله دخل في شتاء طويل، حيث تعرضت ثروات وثقة وآمال عدد لا يحصى من الناس لضربة قاسية في هذه العاصفة.
ومع ذلك، في مواجهة هذه الكارثة التي تركت ندوبًا عميقة في الصناعة بأكملها، قال أغنى رجل في مقابلة، كذبًا بعيون مفتوحة، وبطريقة متهاونة:
"في الواقع، قدمت Binance حوالي 800 مليون دولار لتعويض المستخدمين الذين تكبدوا خسائر على منصة Binance، على الرغم من أن Binance لم تكن ملزمة بذلك، أليس كذلك؟ بمعنى أن Binance ليس لديها أي التزام قانوني بالتعويض، لكن Binance قامت بهذه التعويضات طوعًا وبمبادرة منها."
خسائر السوق التي بلغت مئات المليارات من الدولارات، وألم عدد لا يحصى من المستخدمين، تحولت في كلامه إلى "تعويض طوعي" يستحق الثناء الذاتي.
10/10 reminded us that crypto is still a young industry, and the actions of a few large players can affect millions of users.
Market leaders should think beyond their own P&L. If you benefit the most from the growth of the industry, you also carry a greater responsibility to protect its resilience, fairness, and credibility.
Build for the long term. Protect the ecosystem that made your success possible.
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.
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.
Appreciate the kind words. 🙏
10/10 was a hard lesson for the entire industry, and we should never forget it.
It should also serve as a warning to that company—and to every other industry leader: the companies that benefit most from the growth of crypto have a greater responsibility to protect the health, stability, and long-term credibility of the industry.
Short-term returns should never come at the expense of market integrity or user trust.
The stronger the company, the greater the responsibility.
Michaël van de Poppe
I think that @star_okx is an extremely bright mind and visionary for waht he's been building over the last years.
Today is 10/10.
It's a year since the heaviest flash crash in #Crypto took place.
In a matter of minutes, some #Altcoins dropped all the way towards $0.
The entire industry changed that day, as we faced a one-year heavy bear market after that.
What happened? There are still many questions remaining on what has actually been happening on that specific day.
The clearest explanation I've heard so far comes from @star_okx.
Make sure to tune in and listen to what he has been saying in our episode of @new_era_finance.
Regulation only works when the same rules apply to everyone.
If compliant companies invest heavily to obtain licenses, build local operations, and follow the rules—while others can continue operating through loopholes or exceptions—the market risks becoming a classic case of bad actors crowding out good actors.
Fair competition requires consistent enforcement.
Europe deserves one rulebook, applied equally to everyone. 🇪🇺
The Block
NEW: EU regulators are questioning Binance over its use of a legal exemption to continue serving customers in the bloc after failing to secure a MiCA license, according to the Financial Times.
Binance said it "complies with applicable regulatory requirements in the jurisdictions in which it operates" and that it is working toward becoming MiCA-authorized.
13 years ago, OKX started as a crypto exchange.
Today, we’re building for something much bigger.
Crypto changed how value moves. AI will change how financial institutions operate. The internet connects everything.
At OKX Now, I shared how we see the next generation of finance: more open, global, 24/7, intelligent, and increasingly onchain.
The infrastructure is changing. The products are changing. The users are changing.
Our job is simple: keep building ahead of that change.
Still learning. Still building. 🚀
Thank you to the nearly 1,000 people who joined OKX Now 2026.
And apologies if we didn’t get everything perfect—we’re still learning how to make these events better every time. 😄
13 years in, and I still feel like we’re only getting started.
Crypto changed how value moves. AI will change how financial institutions operate. The internet connects it all.
Our job is to keep building the infrastructure, products, and experiences for the next generation of finance.
Still learning. Still building. 🚀
هذه الملاحظات معقولة جدا.
يجب أن يكون هدف تذكيرات التحكم في المخاطر هو مساعدة المستخدمين على اتخاذ إجراءات في الوقت المناسب، وليس لإحداث ضوضاء مستمرة. لنفس حالة المخاطر، فإن تكرار التذكيرات عشرات المرات ليس تجربة منتج جيدة.
يجب أن يكون الأمر أكثر ذكاء: دمج التذكيرات المتكررة، تحسين حكم الأولوية، والسماح للمستخدمين بفهم المخاطر والخطوات التالية فورا، بدلا من الضغط المتكرر فقط.
Europe now has a clear regulatory framework for crypto.
Our approach at OKX is straightforward: build locally, obtain the required authorizations, and offer European users strong products, deep liquidity, and robust protections within the regulated framework.
Long-term trust comes from clarity, consistency, and execution—not shortcuts.
We’re here to build in Europe for the long term. 🇪🇺
I don’t think THORChain’s TSS + validator model represents true decentralization.
The selected validators set collectively controls the underlying assets in the TSS vaults. Once the signing threshold is reached, those validators can move the funds. So from a custody perspective, THORChain is not comparable to Bitcoin or Ethereum base-layer consensus — it effectively acts as an intermediary between users and the native chains.
TSS distributes control among multiple parties, but distributing an intermediary does not eliminate the intermediary.
THORChain
We are devasted to hear about the recent exploit and can imagine how difficult this must be for everyone involved.
THORChain is decentralized and permissionless like Bitcoin, Ethereum, and BNB Chain.
What responsibility should Bitcoin, Ethereum, and BNB Chain bear when handling known stolen funds?
@star_okx @GracyBitget