Crypto.com CEO Goes Nuclear: Probe Exchanges After Liquidation Bloodbath
Crypto.com’s CEO is pushing regulators to really dig into the exchanges that got crushed by liquidation chaos. But he didn’t stop there: in an X post on October 11, Kris Marszalek urged authorities to “review the fairness of practices” even posted a list of the ten exchanges with the biggest liquidation volumes over the prior 24 hours.
The list is eye-opening: Hyper liquid leads with about $19.35 billion in liquidations; Bybit and Binance follow with ~$10.31 billion and ~$4.5 billion. And together? The top five racked up north of $37 billion. Other names? OKX, HTX, Gate, CoinEx, Bitfinex, BitMex.
Marszalek’s questions were sharp: Did exchanges block users from fundamental activities during the crash? Were trades priced fairly and kept in line with indexes? And is there a strong separation a real Chinese wall between trading desks and internal teams? He warned, “$20B in liquidations, a lot of users got hurt.” His point: authorities must protect people and maintain market integrity.
Of course, users chimed in especially with Binance. Some claimed they were frozen out mid crash, unable to manage orders or access accounts. One even labeled Binance “the biggest scammers in crypto,” saying the platform blocked users to turn a profit. Another, “ElonTrades,” alleged a pricing flaw inside Binance sparked massive forced liquidations a misstep, they said, that hurt countless investors.
In response, Binance admitted there were “platform related issues,” committed to compensating affected users, and promised to learn. Yi He, its co-founder, emphasized that when Binance messes up, it must own it “no excuses.”
