CEO von OKX Star: Der Krypto-Flash-Crash im Oktober wurde durch Binances verantwortungslose USDe-Vermögensverwaltungskampagne verursacht.

tldr; OKX CEO Star attributed the October 11 crypto flash crash to Binance’s irresponsible USDe wealth management campaign. Binance’s campaign offered high yields on USDe and allowed it to be used as collateral like traditional stablecoins, leading to risky leveraged cycles. This created systemic risk in the crypto market, and when volatility hit, USDe de-pegged, triggering cascading liquidations and severe losses. The event caused significant damage, with some tokens briefly trading near zero, and recovery is expected to take time.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Binance, the platform not their clients, also heavily involved in the sustained sell off of tokens other than Eth and Btc over the last 12 months suppressing the alt coin market apparently.

I’ve moved all my remaining assets and funds off Binance finally, I can get similar liquidity on other platforms without supporting their market fuckery.