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  1. Published Social post

    Wu Blockchain (@WuBlockchain)

    Star Xu: How Did USDe Leverage Loops Trigger the "1010" Crash? Description: OKX founder and CEO Star Xu @star_okx questioned Binance's promotion of USDe as a stablecoin on the New Era Finance Podcast @new_era_finance. He argued that USDe, issued by Ethena, is effectively a "tokenized hedge fund" and that a delta-neutral strategy does not imply zero or low risk. He further noted that Binance allowed users to borrow USDT against USDe, convert it into more USDe, and repeat the loop to increase yields, amplifying leverage and risk exposure along the way. In his view, this setup was a major cause of the cascading liquidations during the "1010" crash and represented a serious risk-control failure.

  2. Published Social post

    Wu Blockchain (@WuBlockchain)

    Binance to Restrict 8 Services and Delist 22 Tokens in Brazil to Comply With New Regulations Binance will restrict Brazilian users’ access to eight services, including Binance Loans, Binance Pool, Cloud Mining, margin trading, Launchpool, Megadrop, HODLer Airdrops, and Alpha 2.0, effective October 27 to comply with new crypto asset regulations issued by Brazil’s central bank. The exchange will also stop offering trading services for 22 tokens to Brazilian residents, including XVG, USDE, USTC, DCR, DUSK, PIVX, BB, and MANTRA. Existing eligible lending and margin positions may be maintained, but no new positions may be opened. In addition, Binance will migrate eligible Brazilian users to a local entity within its group by October 29 and adjust its fiat payment, asset trading, and regulatory reporting arrangements.

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