Star Xu Attributes BTC's October Crash to Binance Mismanagement
Star Xu's Accusations Against Binance
In a startling revelation, Star Xu, the founder of OKX, has directly attributed the BTC market crash on October 10 to negligence on Binance's part. The incident, which saw a significant flash crash and liquidity issues, has sparked a heated debate in the cryptocurrency community.
The Series of Events Leading to the Crash
- Flash Crash on October 10 triggered by thin liquidity.
- Market watchers speculate on the role of leveraged trading.
- Star Xu's comments highlight vulnerabilities in centralized exchanges.
This incident raises questions about the responsibility of cryptocurrency exchanges in maintaining market stability.
The Impact of Exchange Practices on the Market
As exchanges continue to handle massive volumes of trades, Star Xu warns that poor management may lead to substantial market risks. The clash between exchange executives and investors is a signal that the industry's future stability requires increased transparency and improved trading practices.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.