OKX CEO Star says Binance USDe activity triggers October crypto crash

OKX CEO Star stated in a post on the X platform that the cryptocurrency market crash on October 10th was triggered by Binance's USDe wealth management campaign. This activity offers a 12% annualized yield on USDe and allows USDe to be used as collateral, enjoying the same treatment as USDT and USDC, but without effectively limiting risk. Users obtain high returns through leverage loop operations, leading to rapid accumulation of systemic risks. Under the impact of volatility, the decoupling of USDe triggered a chain liquidation, with some token prices approaching zero, resulting in severe losses for global users and companies, including OKX customers. Recovery takes time.