In a rare public outburst that’s set the crypto exchange world on fire, OKX CEO Star Xu has directly accused Binance of single-handedly triggering the devastating “10/10” market crash earlier this month — a brutal flash drop that saw Bitcoin plunge over 15% in minutes and wiped out more than $500 billion across the entire market in a single session.
Xu didn’t hold back in a fiery X thread and follow-up interview, claiming Binance’s massive perpetuals order book and aggressive liquidation engine created a domino effect when a whale cascade hit. He argued the exchange’s dominance — still commanding over 50% of global derivatives volume — allows it to amplify volatility in ways smaller platforms can’t, essentially turning routine liquidations into market-wide bloodbaths. The “10/10” label, now trending across crypto Twitter, refers to traders rating the crash a perfect 10 for both speed and pain.
The incident in question saw Bitcoin crater from $92,000 to sub-$78,000 in under 20 minutes before rebounding, with over $1.2 billion in positions liquidated — the vast majority on Binance. Altcoins and meme sectors got absolutely wrecked, some down 40–60% intraday, while Solana congestion added fuel to the chaos.
Markets remain shaky in the aftermath: Bitcoin is struggling to reclaim $85,000, altcoin sentiment is battered, and traders are rotating toward decentralized perpetuals platforms in search of safer leverage. The episode has reignited long-standing debates about centralized exchange dominance and the need for better risk controls.
The crypto community is more divided than ever: one camp backs Xu’s call-out, labeling Binance a systemic risk that needs antitrust scrutiny or forced deleveraging limits, while Binance loyalists and free-market defenders fire back that liquidations are part of the game — and OKX is just salty about losing market share.
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Whether Xu’s attack exposes real cracks in Binance’s empire or just fuels another round of exchange wars, one thing is clear: when the top dogs start biting each other publicly, the entire market feels the pain.
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Is Binance really the villain behind the 10/10 crash, or is OKX’s CEO just playing the blame game to steal spotlight? Drop your hot take in the comments below. Bookmark the site and always return to www.Token10x.blog for the latest crypto news and market insights. Visit our homepage now!