OKX CEO slams rival crypto exchange for 'trust shock' and market manipulation
OKX founder and CEO Star Xu has accused an unnamed rival firm of damaging crypto's reputation. The criticism centres on an incident from 10 October, which Xu described as a 'trust shock' rather than typical market turbulence. He claimed the company's actions prioritised short-term profits over long-term stability.
Others in the industry used the moment to highlight broader concerns. Many contrasted opaque centralised exchanges (CEXs) with more transparent on-chain alternatives, calling for greater openness across the sector.
Xu's remarks targeted a major competitor, though he did not name the firm. He alleged that the company had engaged in high-risk token promotions and price manipulation. According to him, such practices turned exchanges into 'traffic machines' while eroding user and regulatory trust.
The 10 October event was previously linked to broader market instability. CryptosRus referenced Cathie Wood's interview, where she called the last two to three months an 'aftershock' from a 'flash crash' on that date. Wood tied the crash to a 'Binance software glitch' that triggered around $28 billion in forced deleveraging across crypto markets.
Some observers framed the dispute as part of a wider rivalry among centralised exchanges. They argued that incidents like these reinforce the need for stronger resilience and legitimacy in the industry. Xu himself stressed that leading platforms should focus on rebuilding confidence rather than chasing quick gains.
As of now, Binance CEO Changpeng Zhao (CZ) has not responded publicly to the claims. The price of Binance's native token, BNB, showed no noticeable reaction to the allegations.
The criticism from Xu adds to ongoing debates about transparency and accountability in crypto trading. The incident has reignited discussions about the risks of centralised exchanges and the potential benefits of decentralised alternatives. Regulators and users may now scrutinise exchange practices more closely in the coming months.
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