OKX’s Star Xu criticizes Binance’s $800M compensation framing

OKX CEO Star Xu has a problem with how Binance founder Changpeng Zhao talks about money. Specifically, the roughly $800 million Binance says it paid users after the October 10, 2025 market crash. CZ has framed that payout as a voluntary gesture. Xu argues the framing misrepresents what actually happened, pointing out that the 10/10 crash caused tens of billions in crypto losses. What Xu is actually arguing The core of Xu’s criticism is about proportion. In his view, presenting an $800 million compensation package as goodwill shrinks the event it was meant to address. The numbers give his argument some weight. The October 10, 2025 crash produced approximately $19 billion in liquidations within 24 hours, according to the research findings. Most of that damage landed on traders holding long positions, meaning people betting prices would rise. Bitcoin itself saw intraday drops ranging from 14% to 30% on the day, depending on the venue. More than 1.6 million accounts were affected. Measured against roughly $19 billion in liquidations, an $800 million payout covers a small slice of the wipeout. That gap is the heart of Xu’s complaint. The USDe question Xu didn’t stop at the compensation ...