OKX and Binance Clash Over Causes of Devastating October 10 Market Collapse

TLDR: OKX CEO Star claims Binance’s 12% APY USDe promotion blurred distinctions between stablecoins and hedge funds.  Users created leverage loops by borrowing USDT against USDe collateral, repeating the cycle multiple times.  Haseeb Qureshi notes Bitcoin bottomed 30 minutes before USDe moved, challenging the causation narrative.  Technical failures including Binance API outages and Trump tariff [...]

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