The debate over the October 10th virtual currency market crash has reignited.
The dispute over responsibility for the incident quickly escalated into a direct verbal spat between industry giants, with prominent investors and industry leaders also joining the discussion.
The process was triggered by Ark Invest CEO Cathie Wood on January 26th. In a television appearance, Wood suggested that Binance's software glitch was the direct trigger for Bitcoin's collapse on October 10th.
This statement is notable because it is the first time that a senior official in the traditional financial world has explicitly held Binance accountable in mainstream media.
On January 28th, the debate within the crypto community rapidly escalated. Many influencers and traders have posted posts questioning Binance's system stability and risk management ability. The controversy reached its initial peak and public pressure intensified.
On January 30th, Binance founder Changpeng Zhao (CZ) directly responded to the allegations in a Q&A session.
Mr. Zhao claimed that the October 10th decline was not caused by Binance's system. He said that after the incident, the platform had taken the necessary steps to mitigate the losses for its users, and claimed that the growing negative campaign on social media was a “FUD” (Fear, Uncertainty and Doubt) operation orchestrated by its competitors.
The tension was even higher today. OKX founder Star Xu said publicly for the first time that Binance should be held responsible for the October 10 crash. This statement was interpreted as an unprecedented direct confrontation between major exchanges. Binance was quick to respond. Binance co-founder He Yi indirectly denied the allegations through social media.
The discussion was not limited to stock exchanges. Wintermute CEO Evgeny Gaevoy, Solana co-founder Anatoly Yakovenko, and Strategy founder Michael Saylor also spoke out publicly.
*This is not investment advice.
