OKX CEO Star stated in an article on the X platform that on October 10th, hundreds of billions of dollars worth of cryptocurrency were liquidated, and OKX observed a fundamental change in the microstructure of the cryptocurrency market from that date. Industry insiders believe that the losses from this event were more severe than the collapse of FTX. The root cause of the event was Binance's limited-time promotion offering USDe a 12% annualized yield and allowing it to be used as collateral without any real restrictions. USDe is essentially a tokenized hedge fund product, structurally different from low-risk money market funds such as BlackRock BUIDL. Binance encouraged users to exchange USDT and USDC for USDe to obtain returns, but did not adequately emphasize the risks. Users borrowed USDe as collateral to borrow USDT through revolving lending and then exchanged it again, artificially creating an annualized yield premium of 24% to 70% or more, leading to a rapid accumulation of systemic risk. When market volatility triggered USDe's de-pegging, the chain of liquidations exacerbated the collapse of assets such as WETH and BNSOL. Star pointed out that industry trust cannot be built on short-term profit speculation or marketing that masks risks, and Binance, as an industry leader, should bear corresponding responsibility.