徐明星 Star Xu on Kaka Web3

The October 10 crash sent shockwaves through the global crypto market, impacting tens of billions of dollars in user assets and inflicting devastating financial losses and immense suffering on countless people across the industry. The entire crypto market subsequently entered a prolonged winter, leaving countless people’s wealth, confidence, and hopes shattered in the aftermath. Yet, when reflecting on a disaster that left such deep scars on the industry, the world’s richest man casually remarked in a recent interview: “Binance actually, Binance took out about $800 million compensating users who had suffered losses on his platform where it didn't have to, right? So there's no obligation for Binance to do that, but Binance did that on his own will.” Tens of billions of dollars in assets impacted. Countless users suffering devastating losses. An entire industry still struggling to rebuild trust and confidence. Yet somehow, in his telling, this tragedy has become a story of Binance’s generosity — a voluntary $800 million compensation effort that apparently deserves praise.