OKX founder Star Xu said he does not want to attack competitors when they are going through a crisis, adding that he would rather see the industry cooperate to improve security standards and protect the crypto sector.
He said, however, that a recent interview by a self-described former Binance manager and "crypto’s richest man" made him uncomfortable. In Xu’s view, the interview was filled with misleading statements, downplayed the responsibility the speaker should bear, and tried to find excuses for failure by belittling the security of traditional banks.
Xu challenges the interview’s framing of responsibility
Xu said that after the crisis broke out, the individual was one of the most active Binance-related voices on social media. He also said the person had argued with Elon Musk over a SpaceX stock investment issue.
Xu added that the speaker repeatedly stressed that "only 2% of funds flowed out of Binance" and continued marketing efforts aimed at attracting user deposits while the crisis was still unfolding.
Calls for accountability and stronger safety standards
Xu said a crisis should be a moment to show accountability, but the interview instead gave the impression of shifting blame and redirecting attention.
He cited reports saying Bitcoin fell from about $81,000 to $75,000, with billions of dollars in leveraged positions liquidated, and said the crypto industry’s credibility could again come under pressure.
Xu said the industry needs cooperation, accountability, and stronger work on user asset protection and security standards, not more excuses, public relations messaging, and marketing packaging.
