3 hours ago
Crypto.com CEO Kris Marszalek has called for a regulatory probe into exchanges that suffered the largest losses pursuing a grounds $20 cardinal successful crypto liquidations implicit the past 24 hours.
In a Saturday post connected X, Marszalek urged regulators to “conduct a thorough reappraisal of fairness of practices,” asking whether trading platforms had slowed down, mispriced assets, oregon failed to support due anti-manipulation and compliance controls during the crash.
“Regulators should look into the exchanges that had astir liquidations successful the past 24 hours,” helium wrote. “Any of them slowing down to a halt, efficaciously not allowing radical to trade? Were each trades priced correctly and successful enactment with indexes?”
Data from CoinGlass shows that Hyperliquid led each exchanges successful liquidations, signaling $10.31 cardinal successful wiped-out positions. It was followed by Bybit with $4.65 billion, and Binance with $2.41 billion. Other large platforms similar OKX, HTX and Gate saw smaller totals, astatine $1.21 billion, $362.5 cardinal and $264.5 million, respectively.
Crypto liquidations scope astir $20 billion. Source: CoinGlassRelated: Crypto Sentiment Index Plunges After Trump’s Tariff Scare
Binance confirms token depeg triggered idiosyncratic liquidations
In an announcement, Binance confirmed a terms depeg incidental involving Ethena’s USDe (USDE), BNSOL and WBETH led to forced liquidations for immoderate users. The speech said it is reviewing the affected accounts and “appropriate compensation measures.”
The announcement came aft immoderate users reported nonaccomplishment owed to level errors. One Binance trader claimed the speech afloat closed their abbreviated presumption portion leaving their agelong open, starring to a full loss. The idiosyncratic said the contented was not related to auto-deleveraging (ADL) and noted that akin trades connected different platforms, specified arsenic Lighter and Extended, survived the crash.
User blames Binance for losses. Source: CoinMambaBinance co-founder Yi He besides acknowledged idiosyncratic complaints successful a nationalist apology, citing “significant marketplace fluctuations and a important influx of users.” She said Binance would compensate verified cases wherever level errors caused losses but emphasized that “losses resulting from marketplace fluctuations and unrealized profits are not eligible.”
According to information accumulated by crypto expert Quinten François, the latest crypto marketplace wipeout has eclipsed each erstwhile downturn. The $19.31 cardinal successful liquidations is much than 10 times the losses seen during the COVID-19 clang ($1.2 billion) and the FTX illness ($1.6 billion).
Related: Bitcoin whitethorn get 'dragged astir a bit' amid Trump tariff fears
Trump slaps 100% tariffs connected Chinese imports
The caller marketplace meltdown came aft US President Donald Trump announced plans to enforce 100% tariffs connected each Chinese imports starting Nov. 1 successful effect to China’s caller export restrictions connected uncommon world minerals.
China, which supplies astir 70% of the world’s uncommon world minerals, precocious declared that immoderate merchandise containing much than 0.1% Chinese uncommon earths would necessitate an export license. The measurement is acceptable to instrumentality effect Dec. 1.
Trump criticized Beijing’s argumentation arsenic “a motivation disgrace” and hinted astatine canceling a planned gathering with President Xi Jinping astatine the upcoming APEC summit.
Magazine: Worldcoin’s little ‘dystopian,’ much cypherpunk rival — Billions Network
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