OKX founder Star Xu and Binance co-founder Yi He exchanged public criticism on October 12, 2026, reopening a dispute over how Binance responded to the October 10, 2025 crypto market crash.
The exchange followed comments attributed to Binance co-founder Changpeng Zhao, known as CZ, about the company’s financial support for users after the crash. Xu challenged the reported remarks in a series of posts on his X account, including one asking who the crypto industry’s “Yue Buqun” was—a reference to a fictional character associated with hypocrisy.
Yi He responded in a thread on X, defending Binance’s support measures and accusing an unnamed rival of questionable market practices and media activity. CZ also posted a remark about focusing on competitors, although he did not explicitly identify Xu or OKX in the post.
The exchange has revived questions about Binance’s handling of the 2025 crash, the compensation it provided to affected users, and the competing accounts of responsibility for the market disruption.
What Triggered the Dispute?
The immediate trigger was a set of interview remarks attributed to CZ and circulated in Xu’s posts.
According to the quotes shared by Xu, CZ said Binance had spent approximately $800 million compensating users who suffered losses on its platform, adding that the company was not obligated to provide the support but had done so voluntarily.
Other remarks attributed to CZ concerned criticism of Binance, net inflows to the exchange and the influence of online narratives. Xu objected to the framing of the compensation as voluntary, arguing that it understated the scale of the losses and the harm suffered by traders during the crash.
In his October 12 post, Xu described the event as having caused substantial financial losses across the crypto industry. His characterizations of the total losses and their consequences represent his account of the event and are not independently verified in their entirety.
Xu also used the phrase “Yue Buqun,” referring to a character in Jin Yong’s martial arts novel ‘The Smiling, Proud Wanderer.’ The character is commonly associated with hypocrisy, making the reference a pointed criticism of the way Xu believes Binance presented its actions.
CZ Responds Without Naming OKX
CZ did not directly name Xu or OKX in his public response. Instead, he posted: “Obsessing over your competition is the fastest way to build a mediocre version of their product,” attributing the quote to an unknown author.
The post on CZ’s X account appeared amid the dispute. Its timing made it relevant to the exchange, but CZ did not explicitly state that it was directed at Xu.
The distinction matters because the post does not independently confirm CZ’s position on the compensation dispute or establish that he intended it as a direct response.
Yi He Defends Binance’s Post-Crash Support
Binance co-founder Yi He offered a more detailed response in her thread of posts on X. She defended Binance’s use of its “Shared Voyage Plan” to provide interest-free loans and other support following the crash. She also claimed that Binance’s market share had been built partly through subsidies for users. The market-share figure cited in her post is her own claim and has not been independently verified here.
Yi He then accused an unnamed competitor of spreading rumors, buying media coverage, and using questionable marketing practices. She also alleged that some platforms used system manipulation to create sudden price movements, a practice she described using the term “needling.”
In crypto markets, a sharp price movement or wick can trigger liquidations when leveraged positions breach margin requirements. However, a sudden price movement alone does not establish that a market was deliberately manipulated. Yi He’s allegations about specific platforms have not been independently substantiated by the material reviewed for this article.
She further made compliance-related accusations against the unnamed rival, including claims involving sanctioned groups and regulatory penalties. These are serious allegations, not established findings in this report. The article does not independently verify them, and the identity of the intended target should not be treated as confirmed solely from the wording of the posts.
Neither the criticism from Xu nor the counter-allegations from Yi He establish, on their own, that either exchange engaged in misconduct.
What Happened During the October 10, 2025 Crash?
The dispute concerns the handling of a market event that resulted in more than $19 billion in leveraged positions being liquidated, according to widely reported estimates. The crash followed U.S. President Donald Trump’s announcement of plans for a 100% tariff on Chinese imports, which contributed to a broad market sell-off. Heavy leverage, thin order books and cascading liquidations amplified the decline.
CoinGecko’s explainer on the October 10 crash reviews the market conditions and the role of collateral-price deviations during the turmoil. The event also raised questions about how exchanges calculated collateral values, maintained liquidity, and handled liquidations under extreme conditions.
Binance disputed claims that its platform was responsible for the broader crash. In its own account of the October 10 market event, the exchange attributed the market-wide sell-off primarily to macroeconomic conditions, leverage, market-maker risk controls, and network congestion. It acknowledged two platform-specific incidents involving asset transfers and index deviations for certain assets, while maintaining that those incidents did not cause the wider market crash.
These are Binance’s conclusions about the event. They should be distinguished from independent determinations of responsibility.
Binance’s $283M Compensation and the $800M Claim
The compensation figures are central to the renewed dispute, but they refer to different descriptions of Binance’s post-crash support and should not be treated as interchangeable.
On October 12, 2025, Binance had paid approximately $283 million to users affected by the temporary depegging of three assets on its platform: Ethena’s USDe, Binance’s BNSOL, and WBETH.
Binance subsequently announced additional relief measures. The Crypto Times reported on October 15, 2025, that the exchange had added a $400 million package comprising $300 million in stablecoin support and $100 million in low-interest loans for institutional participants. The details are available in Binance’s additional compensation announcement coverage.
Binance’s later account also said that, by October 22, 2025, it had credited more than $328 million to eligible users affected by the two specific platform incidents. The exchange separately described its $300 million “Together Initiative” and $100 million loan fund as additional support measures.
CZ’s reported reference to approximately $800 million is a broader characterization of Binance’s total post-crash support. The figures cannot be reconciled from the available material alone, because they refer to different programs, time frames or descriptions of assistance.
The distinction is important: compensation for users affected by specific platform incidents is not necessarily the same as broader discretionary support, loans, or other relief measures offered after a market-wide crash.
A Dispute Over Reputation and Responsibility
The latest exchange reflects a continuing disagreement between Binance and OKX over their respective records, market practices and responses to the October 2025 crash.
Xu challenged the way CZ reportedly described Binance’s compensation, while Yi He defended the exchange’s support measures and made counter-allegations about a rival. CZ’s post criticized excessive attention to competitors but did not directly address the details of the dispute.
The public statements do not settle the underlying questions about the causes of the crash, the full value of Binance’s support, or the allegations of market manipulation and media activity. For now, the dispute remains a clash of competing accounts. Establishing whether any of the allegations are accurate would require additional evidence beyond the executives’ social media posts.
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