On the 10th October, 2025, the cryptocurrency market experienced its most devastating liquidation
event in history, wiping out over $19 billion in leveraged positions within 24 hours. The event was triggered by President Trump's announcement of 100% tariffs on Chinese imports. OKX
CEO Star Xu publicly blamed Binance's "irresponsible marketing campaigns" for amplifying a normal
market correction into a systemic catastrophe.
Key Points
The largest liquidation in crypto history: Over $19 billion in leveraged positions were forcibly closed representing nine times the size
of any previous single-day liquidation event and dwarfing the FTX collapse.
Extreme concentration of damage: Approximately 70% of liquidations ($6.93 billion) occurred in just 40 minutes between
20:50-21:30 UTC, with $3.21 billion evaporating in a single minute at 21:15 UTC.
Binance's USDe promotion under fire: OKX CEO Star Xu claims Binance's 12% APY campaign on USDe stablecoin created dangerous leverage
loops that transformed a market shock into a systemic breakdown, though Binance and others vehemently
dispute this narrative.
USDe depeg amplified the crash: The synthetic stablecoin USDe fell to $0.65 on Binance (35% below its $1 peg), triggering
secondary liquidations across the market.
