{"id":51328,"date":"2025-10-11T21:02:43","date_gmt":"2025-10-11T14:02:43","guid":{"rendered":"https:\/\/hbbgroup.net\/crypto-com-ceo-calls-for-probe-into-exchanges-after-20b-liquidations\/"},"modified":"2025-10-11T21:02:43","modified_gmt":"2025-10-11T14:02:43","slug":"crypto-com-ceo-calls-for-probe-into-exchanges-after-20b-liquidations","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/crypto-com-ceo-calls-for-probe-into-exchanges-after-20b-liquidations\/","title":{"rendered":"Crypto.com\u00a0CEO calls for probe into exchanges after $20B liquidations"},"content":{"rendered":"
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Crypto.com CEO Kris Marszalek has called for a regulatory investigation into exchanges that suffered the largest losses following a record $20 billion in crypto liquidations over the past 24 hours.<\/p>\n

In a Saturday post<\/a> on X, Marszalek urged regulators to \u201cconduct a thorough review of fairness of practices,\u201d asking whether trading platforms had slowed down, mispriced assets, or failed to maintain proper anti-manipulation and compliance controls<\/a> during the crash.<\/p>\n

\u201cRegulators should look into the exchanges that had most liquidations in the last 24 hours,\u201d he wrote. \u201cAny of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?\u201d<\/p>\n

Data from CoinGlass shows that Hyperliquid led all exchanges in liquidations, recording $10.31 billion in wiped-out positions. It was followed by Bybit with $4.65 billion, and Binance with $2.41 billion. Other major platforms like OKX, HTX and Gate saw smaller totals, at $1.21 billion, $362.5 million and $264.5 million, respectively. <\/p>\n

Crypto liquidations reach nearly $20 billion. Source: CoinGlass<\/em><\/figcaption><\/figure>\n

Related: <\/strong><\/em>Crypto Sentiment Index Plunges After Trump\u2019s Tariff Scare<\/strong><\/em><\/a><\/p>\n

Binance confirms token depeg triggered user liquidations<\/h2>\n

In an announcement<\/a>, Binance confirmed a price depeg incident involving Ethena\u2019s USDe (USDE<\/a>), BNSOL and WBETH led to forced liquidations for some users. The exchange said it is reviewing the affected accounts and \u201cappropriate compensation measures.\u201d<\/p>\n

The announcement came after some users reported loss due to platform errors. One Binance trader claimed<\/a> the exchange fully closed their short position while leaving their long open, leading to a total loss. The user said the issue was not related to auto-deleveraging (ADL) and noted that similar trades on other platforms, such as Lighter and Extended, survived the crash. <\/p>\n

User blames Binance for losses. Source: <\/em>CoinMamba<\/em><\/a><\/figcaption><\/figure>\n

Binance co-founder Yi He also acknowledged<\/a> user complaints in a public apology, citing \u201csignificant market fluctuations and a substantial influx of users.\u201d She said Binance would compensate verified cases where platform errors caused losses but emphasized that \u201closses resulting from market fluctuations and unrealized profits are not eligible.\u201d<\/p>\n

According to data accumulated<\/a> by crypto analyst Quinten Fran\u00e7ois, the latest crypto market wipeout has eclipsed every previous downturn. The $19.31 billion in liquidations is more than ten times the losses seen during the COVID-19 crash ($1.2 billion) and the FTX collapse ($1.6 billion). <\/p>\n

Related: <\/strong><\/em>Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears<\/strong><\/em><\/a><\/p>\n

Trump slaps 100% tariffs on Chinese imports<\/h2>\n

The recent market meltdown came after US President Donald Trump announced plans to impose 100% tariffs<\/a> on all Chinese imports starting Nov. 1 in response to China\u2019s new export restrictions on rare earth minerals.<\/p>\n

China, which supplies roughly 70% of the world\u2019s rare earth minerals, recently declared that any product containing more than 0.1% Chinese rare earths would require an export license. The measure is set to take effect Dec. 1.<\/p>\n