[OKX Star: '10.11' Hundreds of Billions of Dollars Liquidated Due to Binance's Irresponsible USDe Investment Activity] Odaily Planet Daily News – OKX CEO Star posted on the X platform, stating that on October 10, hundreds of billions of dollars in cryptocurrency were liquidated, and OKX observed a fundamental shift in the microstructure of the cryptocurrency market starting from that day. Industry insiders believe the losses from this incident are more severe than the collapse of FTX. The root cause of the incident was Binance launching a limited-time promotion offering a 12% annualized yield for USDe and allowing it to be used as collateral without substantial restrictions. USDe is essentially a tokenized hedge fund product, structurally different from low-risk money market funds like BlackRock BUIDL. Binance encouraged users to exchange USDT and USDC for USDe to earn returns but did not adequately emphasize the risks. Users engaged in circular borrowing by using USDe as collateral to borrow USDT and then exchanging it again, artificially creating annualized yields of 24% to over 70%, which led to the rapid accumulation of systemic risk. When market volatility caused USDe to depeg, cascading liquidations exacerbated the collapse of assets like WETH and BNSOL. Star pointed out that industry trust cannot be built on short-term profit games or risk-concealing marketing. As an industry leader, Binance should bear the corresponding responsibility.