OKX founder Xu Mingxing has accused Binance of playing a major role in the sharp crypto market sell-off that occurred on October 10 last year. In a statement posted on X, Xu claimed the downturn was amplified by aggressive promotional practices that contributed to massive forced liquidations and weakened market stability. He pointed specifically to Binance’s offering of high yields on USDe deposits and treating USDe collateral similarly to major stablecoins like USDT and USDC, despite viewing USDe as a riskier product. Xu argued this encouraged excessive leverage, as users repeatedly swapped stablecoins into USDe to borrow more funds, increasing systemic vulnerability. When volatility surged, USDe reportedly lost its peg, setting off a chain reaction of liquidations. Xu also warned that his comments could trigger coordinated backlash and misinformation against OKX but said highlighting structural risks is necessary.