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CZ: No Longer Comments on Star's Binance Blame for 10/11 Flash Crash, Much Work to Do

3 hours ago

On January 31st, Haseeb, a partner at Dragonfly, argued it’s unreasonable for OKX Star to blame Binance for the October 11 flash crash. Binance founder Changpeng Zhao (CZ) retweeted the article, commenting: “Dragonfly was once one of OKX’s largest investors. Data doesn’t lie — the timeline contradicts the facts. I’m glad to see people starting to grasp the truth. I’ll try not to comment on this topic anymore; let others talk about us while we focus on our work. There’s still plenty left to do.” In Haseeb’s view: - Bitcoin’s price against USDT had already bottomed out on Binance roughly 30 minutes before the anomaly, showing a clear reverse cause and effect. - The USDT price discrepancy only occurred on Binance and didn’t spread to other exchanges, making a market-wide mass liquidation unexplainable — a stark contrast to events like Terra’s global balance sheet shock. - The October 11 flash crash has no single conspiratorial culprit. While the market took a heavy hit, it hasn’t been permanently harmed long-term; it just needs time to restore liquidity and confidence.
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Opinion: Yellen Is the Best Choice for Fed Chair, Trump Will No Longer Pressure Fed and Bring Uncertainty

Jan 31 – Seth R Freeman, Managing Director at GlassRatner Advisory & Capital Group, noted that rebuilding global market credibility will be a top priority for Lael Brainard, the newly nominated Federal Reserve Chair. This is especially critical amid the tense dynamic between former President Trump and ex-Fed Chair Powell in recent months. Brainard, a long-serving government official, is the ideal pick for the role. The market will no longer face the uncertainty and volatility sparked by Trump’s repeated pressure on the Fed Chair—good news for all. Additionally, the sharp drop in gold and silver prices following Brainard’s nomination confirmation signals the market expects a stronger dollar and a shifted environment. A lack of a meaningful rebound in precious metals next week would be no surprise. Given Brainard’s hawkish leanings, traders with heavy precious metals exposure—especially those holding unhedged long positions—may face losses. (Source: Oriental Wealth)

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Step Finance Hacked, Around $30 Million of SOL Stolen

On January 31, multiple Step Finance treasuries and fee wallets were hacked. Approximately 261,854 SOL tokens were unstaked and transferred, with the total value around $30 million. Step Finance issued an official statement noting it is currently investigating the attack and will release further details at a later time.

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OKX will list Palladium and Platinum Perpetual Swaps

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CZ: Has Never Bought or Sold Gold

On Jan. 31, CZ responded to a community member’s question “Why sell gold and silver” with: “Let me sell the 2 ounces of gold I hold and see how the market reacts. Actually, I’ve never bought or sold gold before—I don’t know how to go about it.”

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Huang Renxun: Will Definitely Participate in This Round of Investment in OpenAI

Jan 31: NVIDIA CEO Jensen Huang said, “We will definitely participate in OpenAI’s current funding round and invest a substantial amount of capital.”

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OKX Star Response to CZ: Will not discuss the 10/11 crash incident anymore, Dragonfly has never invested in OKX

On January 31st, OKX Star stated: “I don’t like debates—you can never wake up someone pretending to be asleep.” That said, the spokesperson emphasized the importance of clarifying facts, sharing the following details: 1. Bitcoin started declining roughly 30 minutes before USDe de-pegged. Absent the USDe leverage loop, the market would likely have stabilized by that point. Selling chain reactions were not inevitable but amplified by structural leverage. 2. Dragonfly has never invested in OKX—neither in small nor large amounts. In fact, OKX previously invested in Dragonfly. 3. “I won’t spend any more time discussing this topic,” the statement added.

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