Crypto.com CEO "$20 billion in liquidations, exchanges should be investigated…surpasses the FTX crisis"

Following President Trump's announcement of high tariffs on China, approximately $20 billion (about 28 trillion won) in liquidations occurred in a single day, prompting Kris Marszalek, CEO of Crypto.com, to call on regulators to investigate exchanges.

On the 11th (local time), according to cryptocurrency media Cointelegraph, CEO Marszalek said via X (formerly Twitter), "Regulators should review the fairness and examine market-manipulation prevention controls for the exchanges that had the largest liquidations in the past 24 hours." He said, "Some exchanges may have halted trading or had price calculations distorted relative to indices," and "a thorough review by regulators is necessary."

Market participants have pointed out that system delays and abnormal order books at some exchanges, such as Hyperliquid, increased the size of the liquidations.

According to CoinGlass data that day, over the past 24 hours Hyperliquid's liquidations totaled $10.3 billion, accounting for more than half of the total. Bybit followed with $4.65 billion, and Binance with $2.41 billion. OKX ($1.21 billion), HTX ($362.5 million), and Gate ($264.5 million) also experienced large liquidations.

According to data compiled by cryptocurrency analyst Quinten François, this $19.3 billion scale of liquidations was larger than any previous downturn. It exceeds the early COVID-19 crash ($1.2 billion) and the FTX collapse ($1.6 billion) by more than tenfold.