In the ever-evolving world of digital assets, market movements often spark speculation, rumors, and misinformation. Recently, a wave of volatility in the Tether (USDT) market triggered widespread discussion across social media and investment circles. Amid this turbulence, unfounded claims began circulating—alleging that CollinStar Capital and prominent crypto personality Mars Person Ryan Xu were involved in coordinated market manipulation. In response, CollinStar Capital has issued an official statement to clarify its position and denounce false narratives.
This article unpacks the full context behind the USDT fluctuations, examines the legitimacy of the claims, and reviews key exchange updates from October 17 that impact traders and investors.
CollinStar Capital Denies Involvement in USDT Market Moves
Amid heightened market sensitivity, rumors emerged suggesting that CollinStar Capital, in collaboration with GUSD, orchestrated a short-selling campaign against USDT. Even more notably, these claims implicated Ryan Xu, widely known as "Mars Person," for allegedly accumulating large positions in USDT during the dip.
“These allegations are completely false and baseless,” stated CollinStar Capital in their official release. “The events surrounding recent USDT price movements have no connection whatsoever to CollinStar Capital or Ryan Xu.”
The firm emphasized that it does not engage in coordinated market manipulation and condemned the spread of disinformation as damaging not only to their reputation but also to broader market integrity.
CollinStar Capital further announced it is actively investigating the origin of the rumors and will pursue legal action against individuals or entities found responsible for spreading malicious falsehoods.
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Understanding USDT Volatility: What Really Happened?
Stablecoins like USDT (Tether) are designed to maintain a 1:1 peg with the U.S. dollar, offering traders a safe harbor during volatile periods. However, temporary de-pegging can occur due to:
- Liquidity crunches on exchanges
- Sudden sell-offs during market panic
- Regulatory speculation or macroeconomic shifts
- Technical delays in minting or redeeming tokens
Recent USDT price deviations—briefly dropping to $0.97 on some platforms—were primarily driven by liquidity imbalances rather than any single entity’s manipulation. Market makers and arbitrageurs quickly stepped in to restore equilibrium.
There is no credible evidence linking CollinStar Capital or Ryan Xu to these movements. In fact, major analytics platforms tracking on-chain flows showed no unusual accumulation patterns tied to either party.
Crypto markets thrive on transparency. Spreading unverified claims can erode confidence and lead to unnecessary panic among retail investors.
Exchange Updates: Key Developments on October 17
While the industry addresses misinformation, several exchanges rolled out important operational updates on October 17 that affect user access, token availability, and platform functionality.
Binance Completes Fifth Quarterly BNB Burn
As per its whitepaper commitment, Binance executed its fifth quarterly burn of BNB tokens. A total of 1,643,986 BNB were permanently removed from circulation.
This deflationary mechanism reinforces BNB’s long-term value proposition by reducing supply over time. The burn rate is tied to trading volume, meaning higher platform usage leads to larger burns—a positive signal for holders.
Zaif Halts App Services and Refunds MONA Purchases
Japanese exchange Zaif announced the suspension of its iOS and Android applications effective at 15:00 local time. This decision follows a previous security incident involving stolen funds.
Additionally:
- MONA trading and purchases have been halted
- The October acquisition program by the MONA Foundation (originally scheduled Oct 10–Nov 9) is canceled
- All users who pre-purchased MONA in October will receive refunds in JPY to their account balances
This move reflects ongoing efforts to stabilize operations after past breaches and regain user trust.
FCoin Opens Deposits for 13 New Tokens
FCoin expanded its ecosystem by enabling deposits for the following digital assets:
- AST (AirSwap)
- INS (INS Ecosystem)
- RCN (RCN)
- DLT (Agrello)
- OAX (OAX)
- ENG (Enigma)
- EDO (Eidoo)
- VIB (Viberate)
- MTH (Monetha)
- CDT (Blox)
- MTL (Metal)
- HAND (ShowHand)
- CITY (CITY)
- NOAH (Noah Coin)
Trading markets for these tokens will go live soon, with exact dates to be announced.
ANBI Launches USDT Deposit Reward Campaign
From October 17 until October 31, ANBI Exchange is running a deposit incentive:
- 0.5% reward for deposits between 100–1000 USDT
- 1% reward for deposits between 1000–2000 USDT
- 1.5% reward for deposits exceeding 2000 USDT
To qualify, users must complete KYC verification and execute at least one trade worth 100 USDT.
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BKEX Lists Chainlink (LINK) Trading Pairs
BKEX listed LINK at 14:00 UTC, opening:
- LINK/USDT
- LINK/ETH
Both deposit and withdrawal functions are now active, allowing immediate participation in LINK trading.
Chainlink’s integration continues to grow across DeFi platforms, making this listing timely for investors seeking oracle exposure.
DragonEx Adds RSTR (Ondori) Deposit Support
Starting at 11:00 Singapore time, DragonEx enabled RSTR (Ondori) deposits. This utility token powers the Ondori ecosystem focused on real estate blockchain solutions.
Withdrawals and trading pairs may follow in subsequent announcements.
ZB.com Restores LBTC, BTH, and XTZ Withdrawals
ZB.com restored multiple services:
- LBTC deposits and withdrawals
- BTH deposits
- XTZ withdrawals
These reinstatements improve liquidity options for holders affected by prior maintenance or freezes.
ZG.COM Launches BTC/CNZ Trading Pair
At 16:00 on October 17, ZG.COM launched the BTC/CNZ trading pair. Users can now:
- Trade Bitcoin against CNZ
- Deposit BTC in advance
- Withdraw BTC with a flat fee of 0.0005 BTC per transaction
This marks a significant step in expanding ZG.COM’s mainstream cryptocurrency offerings.
Frequently Asked Questions (FAQ)
Q: Is there any truth to the claim that CollinStar Capital manipulated USDT prices?
A: No. CollinStar Capital has categorically denied involvement. No verifiable data supports claims of manipulation by the firm or Ryan Xu.
Q: Why did USDT temporarily lose its dollar peg?
A: Temporary de-pegging occurs due to liquidity gaps, high sell pressure, or exchange-specific issues—not necessarily coordinated attacks.
Q: How can investors protect themselves from crypto rumors?
A: Always verify information through official channels, blockchain analytics tools, and reputable news sources before acting on market claims.
Q: Are stablecoins like USDT still safe to use?
A: Yes, when used on regulated platforms. Short-term volatility doesn’t undermine the fundamental utility of well-backed stablecoins.
Q: What should I do if my exchange suspends services?
A: Monitor official announcements, secure API keys, and consider diversifying holdings across multiple trusted platforms.
Q: How do BNB burns benefit investors?
A: By reducing total supply over time, burns increase scarcity—which can support price appreciation if demand remains steady or grows.
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Final Thoughts: Navigating Noise in the Crypto Space
The intersection of social media virality and financial markets creates fertile ground for misinformation. The case of CollinStar Capital and Ryan Xu underscores the importance of due diligence and critical thinking in crypto investing.
While exchange developments offer tangible value—like new listings, improved liquidity, and user rewards—rumors provide only risk. Investors should prioritize facts over fear, focus on transparent projects, and use trusted platforms for trading and storage.
As the digital asset landscape matures, so too must our approach to information consumption. Let clarity, not conjecture, guide your next move.