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.
Regulators should look into the exchanges that had most liquidations in the last 24h and conduct a thorough review of fairness of practices. Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?… pic.twitter.com/UCD6iKuKFQ
— Kris | Crypto.com (@kris) October 11, 2025
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).
Covid crash: $1.2B in liquidations
FTX crash: $1.6B in liquidations
Today: $19.31B in liquidations
You wished you bought during the COVID crash.
This is your COVID crash. pic.twitter.com/OnmNY7e86s— Quinten | 048.eth (@QuintenFrancois) October 11, 2025
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.
More than 1,000 wallets on #Hyperliquid were completely wiped out in the market crash — losing everything.
In total, 6,300+ wallets are in the red, with combined losses exceeding $1.23B.
205 wallets lost over $1M
1,070+ wallets lost over $100K
Data based on Hyperliquid… pic.twitter.com/pXl6bH8XTc
— Lookonchain (@lookonchain) October 11, 2025
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’s Concurrent Issues
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.
Due to significant market fluctuations over the past 16 hours and a substantial influx of users, some users have encountered issues with their transactions. I deeply apologize for this. If you have incurred losses attributable to Binance, please contact our customer service to… https://t.co/9Q7GZuFY5H
— Yi He (@heyibinance) October 11, 2025
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.