On October 28, 2025, OKX announced the immediate removal of Felix Fan, the spokesperson for its layer-2 project X Layer, citing ethical violations and conflicts of interest. The company stated that Fan's actions breached internal guidelines, though specific details were not disclosed due to confidentiality and an ongoing internal review.
Following the dismissal, OKX President Hong Fang posted on social media, accusing an unnamed competitor—widely believed to be Binance—of engaging in predatory poaching. Fang claimed that rival firms use sugar-coated bullets, such as inflated compensation packages, to lure employees away, only to later abandon them.
Industry reports from outlets like CoinSpeaker and AInvest suggest that Binance has targeted nearly 100 mid- and senior-level staff from OKX over the past year, with salary offers ranging from 100% to 500% above market rates. In response, OKX has introduced a retention initiative that allows employees to present competing offers for matching or alternative compensation.
The incident has sparked debate about corporate governance, transparency, and competitive hiring practices in the cryptocurrency sector. Some community members expressed concern that the lack of transparency could undermine confidence in X Layer's governance framework, while others argued that OKX's public stance demonstrates a commitment to ethical conduct.
Unverified rumors circulated online, suggesting Fan's dismissal may be linked to private token dealings or a meme coin bet involving XDOG, X Layer's top-performing meme coin. However, neither OKX nor Fan has confirmed these claims, and Binance has not issued an official response. Analysts caution that such rumors could harm the reputation of emerging layer-2 networks and influence community trust.
This episode underscores growing tensions between ethical standards and competitive advantage in the crypto industry, with governance transparency and talent retention emerging as key differentiators. OKX has affirmed it will enforce strict compliance standards, and the market awaits further clarification on the internal investigation.
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