- Main event, leadership changes, market impact, financial shifts, or expert insights.
- Lasting industry trust damage blamed on Binance tactics.
- Crypto market suffered significant deleveraging, Bitcoin and altcoins hit hard.
OKX CEO Star Xu accused a leading crypto company, interpreted as Binance, of prompting the October crypto crash through irresponsible marketing actions, citing low-quality token promotions. These actions reportedly shook industry trust and market stability.
OKX’s founder and CEO, Star Xu, accused a leading crypto exchange, interpreted as Binance, of contributing to the October 10, 2025, crypto crash through poor marketing practices.
Expert’s Criticism
OKX’s CEO, Star Xu, criticized an unnamed exchange, interpreted as Binance, for promoting low-quality tokens resulting in the October 2025 crash. Xu emphasized Binance’s tactics caused trust issues within the industry. The incident drew widespread attention as market stability concerns escalated.
Star Xu, Founder and CEO, OKX, – “People have underestimated the impact of 10/10. The incident caused real and lasting damage to the industry. An industry-leading company should focus on strengthening core infrastructure, building trust with global users and regulators, and protecting the long-term interests of the majority of crypto users.”
Market Reaction and Financial Repercussions
Following Xu’s comments, Bitcoin and other cryptocurrencies suffered substantial losses. The crypto community debated Binance’s role in this event. Changpeng Zhao, Binance’s founder, dismissed these allegations, citing external factors instead. The market’s reaction underlines a struggle for transparency and trust within the industry.
Financial repercussions include a $19 billion liquidation across cryptocurrencies, notably affecting Bitcoin and Ethereum. Cathie Wood noted the crash as a repercussion of Binance’s software issues. Despite Binance’s rebuttal, industry experts insist on greater oversight and regulation to prevent future instability, with on-chain alternatives gaining popularity as users seek transparency and security.
The Path Forward
This incident emphasizes the critical role of strong governance. As the crypto landscape evolves, exchanges must prioritize operational transparency. Continued scrutiny by stakeholders is likely as the industry seeks to rebuild trust. The focus on reliable practices suggests potential technological adaptations that could redefine market norms.
