January 31, OKX founder Star posted on social media, stating that the market crash on October 10 was caused by irresponsible marketing activities of certain companies, with no complex reasons, and certainly not by chance.On October 10, hundreds of billions of dollars in funds were liquidated. As the CEO of OKX, we clearly observed that since that day, the cryptocurrency market's microstructure has undergone a fundamental change. Many industry participants believe that the damage caused by this event is more severe than FTX's collapse. Subsequently, extensive discussions have taken place in the market regarding the reasons for the incident and how to prevent a recurrence. The root cause of the problem is not difficult to trace. Here is what happened originally:· Binance launched a temporary user acquisition activity, offering up to a 12% annualized yield for USDe, while allowing USDe to be used as collateral and giving it the same treatment as USDT and USDC, without setting an effective limit.· USDe is essentially a tokenized hedge fund product, fundamentally different from BlackRock's BUIDL, which is a low-risk tokenized money market fund. In contrast, USDe embeds hedge fund-level risk.· Binance encouraged users to convert USDT and USDC to USDe to earn attractive returns but did not emphasize its underlying risks sufficiently. From a user's perspective, trading with USDe seemed no different from traditional stablecoins—yet the actual risk level was significantly higher.· As the risk escalated with a series of user operations, accompanied by inflated annualized returns, even a slight market shock was enough to trigger a collapse. When volatility struck, USDe quickly deviated from its peg. Chain liquidations followed rapidly, and risk management flaws surrounding assets such as WETH and BNSOL further amplified the crash. The prices of some tokens briefly approached zero. This has caused severe damage to global users and businesses (including OKX customers), and the recovery process will take time.Star emphasized that the discussion was about the root cause, not blaming or attacking Binance. Candid discussions about systemic risk can sometimes be uncomfortable, but if the industry is to mature and take responsibility, it is a necessary step. What the industry needs is leaders who prioritize market stability, transparency, and responsible innovation, rather than those who see criticism as hostility and adopt a winner-takes-all mindset.