Regulators should conduct a thorough investigation of cryptocurrency exchanges where traders suffered the most significant losses during a record liquidation exceeding $19 billion, stated Crypto.com CEO Kris Marszalek.
He believes oversight bodies should assess the “fairness” of the practices employed by these platforms.
“Did any of them slow down to a complete halt, effectively preventing people from trading? Were all trades priced correctly and in line with indexes? How are trade monitoring and anti-money laundering programs organized?” Marszalek outlined potential questions for the exchanges.
He emphasized that many users were affected during the large-scale position closures, and it is the regulators’ duty to protect consumers and ensure market integrity.
According to CoinGlass, in the past 24 hours, amid the market crash, the liquidation volume reached approximately $19.3 billion. Crypto researcher Quinten François noted that this figure far exceeded those recorded during the COVID-19 pandemic crash ($1.2 billion) and the FTX collapse ($1.6 billion).
The undisputed leader in forced position closures for the day was the perp-DEX Hyperliquid with a volume of $10.3 billion. Trailing significantly behind were Bybit ($4.6 billion) and Binance ($2.4 billion).
“More than 1,000 wallets on Hyperliquid were completely wiped out in the market crash — users lost everything,” noted Lookonchain experts.
In total, over 6,300 addresses on the platform suffered losses, with their combined damage exceeding $1.23 billion. Losses for 205 traders exceeded $1 million, with the account TheWhiteWhale leading the way — down nearly $61 million.
“Hyperliquidated” — some commentators played on the exchange’s name.
Binance acknowledged that some liquidations were linked to the temporary loss of peg for three tokens: USDE, BNSOL, and WBETH. The platform’s co-founder Yi He assured that the exchange would compensate for losses incurred due to its fault.
However, losses related to market fluctuations and unrealized profits are not subject to compensation, she emphasized.
“The reason Binance is Binance is that we never shy away from problems. When we fail, we take responsibility — without any excuses or justifications,” He stated.
Aster did not make it into the top 10 platforms by daily liquidation volumes. In recent months, the Binance-backed platform has attracted attention for its rapid growth.
Earlier, the analytical platform DeFi Llama excluded Aster’s trading volume data due to suspicions of manipulation.
