Discussions around the sharp drop in the cryptocurrency market on October 10 have been revived.
The controversy over who was responsible for the incident quickly escalated into a direct verbal clash between the industry giants, with major investors and industry leaders also joining the debate.
The process was triggered on January 26 by Cathie Wood, CEO of Ark Invest. During a television appearance, Wood suggested that a software issue at Binance was the direct trigger for Bitcoin’s sharp decline on October 10.
This statement is notable because it is the first time a high-ranking figure from the traditional financial world has explicitly held Binance accountable in the mainstream media.
On January 28, the debate within the cryptocurrency community quickly intensified. Many influencers and traders have posted messages questioning the system stability and risk management capabilities of Binance. The controversy reached its initial peak and public pressure intensified.
On January 30, Binance founder Changpeng Zhao (CZ) directly responded to the allegations during a Q&A session.
Zhao argued that the October 10 drop was not caused by Binance’s systems. He said the platform had taken necessary steps to mitigate user losses after the incident and claimed that the growing negative campaigns on social media were a “FUD” (Fear, Uncertainty, and Doubt) operation organized by competitors.
Tensions have further intensified today. OKX founder Star Xu publicly stated for the first time that Binance should take responsibility for the October 10 crash. This statement was interpreted as a rare direct confrontation between major exchanges. Binance responded quickly. Binance co-founder He Yi indirectly denied the allegations via social media.
The debate was not limited to scholarships. Wintermute CEO Evgeny Gaevoy, Solana co-founder Anatoly Yakovenko, and strategy founder Michael Saylor also publicly expressed their views.
*This does not constitute investment advice.
