OKX CEO Star Xu shared a post reflecting on the large-scale crypto market liquidation event on October 10, stating that tens of billions of dollars were liquidated that day, fundamentally altering the market's microstructure. Some industry insiders believe the impact even surpassed the FTX incident. He pointed out that the core reason for the event lies in certain platforms promoting high-yield products through aggressive marketing, which were treated as quasi-stablecoins. This included encouraging users to convert USDT and USDC into USDe, a product with hedge fund risk characteristics, without sufficient risk warnings or limitations. These were then allowed to be repeatedly leveraged as collateral, creating a high-risk cycle and rapidly accumulating systemic risk. When market volatility occurred, USDe depegged, triggering a chain reaction of liquidations and amplifying the impact. The focus of his discussion is to expose systemic risks rather than blame individual institutions. He emphasized that if the industry continues to rely on short-term high yields, excessive leverage, and vague risk marketing strategies, it will struggle to build long-term trust. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=55940