Binance and OKX: What Really Happened During the October 2025 Crash

The Binance vs. OKX Battle: Was the $19B Crash in October a Planned Attack? The aftermath of the massive $19B liquidation on October 10 is still being felt. OKX CEO Star Xu is blaming Binance's USDe marketing as the cause, while Binance insists it was due to macroeconomic factors and excessive leverage. I've gathered insights on the conflicting narratives, the USDe de-peg issue on Binance compared to other exchanges, and the API outages that left market makers in a tough spot. So who’s actually at fault for this unprecedented liquidation event? Following a major trust crisis that rocked the crypto scene in 2026, a shocking accusation has come to light. The CEO of OKX has finally spoken out, asserting that the crash on October 10, which erased $19 billion in just a few minutes, wasn’t just a fluke but rather a result of Binance’s "irresponsible practices."