Crypto.com CEO Demands Investigation Following Record $19 Billion Liquidations
Date: 2025-10-13 Author: Gabriel Deangelo Categories: BUSINESS
In an interview, he noted that regulators should review the trading platforms that experienced the largest liquidations to ensure their integrity and protect users' interests.
"We need to investigate whether some exchanges suspended operations, restricting clients' access to trading, whether positions were repriced correctly, and whether trades were aligned with market indices," Marszalek said. He also emphasized the importance of reviewing trade monitoring mechanisms and anti-money laundering systems.
He stated that tens of thousands of users suffered losses due to the sudden liquidation of positions, and it is up to regulators to ensure fair market conditions and prevent similar incidents in the future.
According to CoinGlass, liquidations reached $19.3 billion in the past 24 hours—the largest ever in the crypto industry. Analyst Quentin Francois noted that this amount exceeds losses during the COVID-19 pandemic ($1.2 billion) and the FTX crash ($1.6 billion) several times over.
Perp-DEX Hyperliquid topped the negative rankings, with over $10.3 billion in positions liquidated. Bybit followed with $4.6 billion and Binance with $2.4 billion. Lookonchain estimates that over 1,000 Hyperliquid wallets were completely wiped out, with over 6,300 addresses suffering losses. Total user losses exceeded $1.23 billion, with individual traders' losses in some cases exceeding $1 million. The WhiteWhale account was the hardest hit, losing nearly $61 million.
The situation sparked a wave of comments in the community, with users ironically calling the victims of the incident "hyperliquidated."
Meanwhile, Binance confirmed that some of the liquidations were due to temporary technical glitches that disrupted the price stability of USDE, BNSOL, and WBETH tokens. Binance co-founder Yi He promised to compensate users for losses incurred due to the exchange's fault, but clarified that losses due to market fluctuations are not eligible for reimbursement.
"We don't avoid responsibility. If we make a mistake, we correct it—without excuses or evasions," He stated.
Analysts also noted that Aster, a fast-growing platform backed by Binance, was not among the top ten platforms by liquidation volume. DeFi Llama previously excluded Aster trading volume data from its reports, suspecting manipulation.
